50 Yuan

This note belongs to the First Series Renminbi, issued while the civil war between the Communists and Nationalists was still technically unresolved — the People's Republic wasn't formally proclaimed until October 1949. The People's Bank of China had already been established in December 1948, and the first series was printed under genuinely difficult conditions, with multiple printing facilities across liberated zones producing notes that show considerable variation in paper quality and ink consistency across the run.

P#827 is among the more common denominations of the first series, though "common" is relative — the entire First Series RMB was demonetized in 1955 at a conversion rate of 10,000 old yuan to 1 new yuan.