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| 正面描述 | Printed in red on a pale ground, the obverse carries the bank title 北海銀行 (Bank of Pei Hai) across the upper centre flanked by the denomination 伍拾 (Fifty) at each corner. An oval vignette at left centre shows a rural scene with farmers drawing water, framed by a scalloped border. The serial number appears twice in the upper margin, with 山東 (Shandung) inscribed vertically at both sides and the denomination 伍拾圓 in a central guilloche cartouche. |
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| 正面铭文 | 北海銀行 伍拾圓 山東 中華民國三十三年印 |
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The Bank of Pei Hai (北海银行) was established in 1938 by the Communist-controlled Shandong-Liaoning Border Region government as a direct counter to Japanese military scrip and puppet bank currencies flooding occupied territories. By 1944, the bank had expanded its operational reach significantly, issuing notes across multiple Communist base areas in northern China — Shandong, Bohai, and parts of Hebei — each with local printing variations that now generate considerable cataloging complexity. The S3569C suffix itself signals a distinct regional or printing variant within a larger, loosely coordinated series.
Guerrilla economics produced inconsistent paper stocks and printing quality across the run, and attribution of specific printings to specific base area presses remains contested among specialists.