50 Yuan

This note belongs to the First Series Renminbi (第一套人民币), issued under chaotic wartime-to-peacetime transition conditions as the Communist forces consolidated control across the mainland. The First Series was not a unified print run — it comprised 62 note types produced by multiple regional presses using inconsistent paper stocks and ink batches, which is why quality variation across surviving examples is extreme even within the same denomination and design.

The entire First Series was withdrawn from circulation in 1955 when the Second Series Renminbi launched at a conversion rate of 10,000 old yuan to 1 new yuan. Notes that weren't redeemed were effectively worthless, and few Chinese families had reason to hold onto them.