50 Yuan

This note belongs to the First Series Renminbi (第一套人民币), issued by the newly established People's Bank of China while the civil war against Nationalist forces was still actively being fought. The First Series was not a unified design program — it was assembled piecemeal from multiple regional Communist printing facilities, each working with different equipment, ink stocks, and paper supplies. That fractured production history accounts for the considerable variation collectors encounter across the series.

First Series 50 Yuan notes are among the more difficult denominations to locate in honest circulated condition, having passed through an economy in the middle of military and political upheaval before the series was officially retired and exchanged in 1955 at 10,000 old yuan to 1 new yuan.