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| 背面描述 | Green letterpress print with a central landscape vignette of farmers hauling goods along a rural trail beneath a large tree, set within a decorative border. Corner numerals 50 appear at all four corners, flanked by geometric lathe-work panels. The English bank name PEIHAI BANK is inscribed across the top, with FIFTY YUAN and the date 1944 in a panel at the foot of the note. |
| 背面铭文 | PEIHAI BANK FIFTY YUAN 1944 |
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The Bank of Pei Hai was a Communist Party financial institution operating in the Shandong-Bohai border region during the Second Sino-Japanese War. Unlike the Nationalist-aligned banks, Pei Hai issued currency explicitly to fund guerrilla operations and stabilize prices in areas under fluctuating military control — the notes circulated alongside Japanese military yen, Nationalist fabi, and a patchwork of local scrip, often within the same market on the same day.
By 1944 the bank had developed enough infrastructure to issue higher denominations, reflecting both increased regional control and persistent inflationary pressure from Japanese currency flooding the occupied zones. Pei Hai notes were absorbed into the People's Bank of China system after 1948.