50 Yuan

The Central Bank of China placed enormous orders with American Bank Note Company during the final years of the Second Sino-Japanese War, when domestic printing capacity was hopelessly disrupted and hyperinflationary pressure was already building. This 1945 issue arrived into an economy where the Nationalist government's money supply had expanded more than a hundredfold since 1937 — a 50 Yuan note that was already losing its practical purchasing power almost as quickly as it could be distributed.

The Pick 393 series is relatively common in surviving quantity, largely because ABNC production ran well ahead of actual demand by war's end. Many shipments reached China only after Japan's surrender in August 1945.