50 Cash Northwest Anhwei Soviet

The Northwest Anhui Soviet was one of several short-lived Communist base areas established in the border regions of Anhui, Henan, and Hubei during the Chinese Civil War's early phase. Local soviet governments issued their own coinage partly out of necessity — Nationalist currency was distrusted or unavailable in controlled zones — and partly as a deliberate assertion of administrative independence. Production was improvised; dies were cut by hand and casting quality varied considerably between batches.

KM#2 is among the scarcer denominations from this issuer. The soviet itself was effectively dismantled by Nationalist suppression campaigns by late 1932, sharply limiting the total production window.