50 Yuan Bank of Pei Hai

The Bank of Pei Hai (北海银行) was the Communist Party's regional bank for the Shandong-Bohai base area, operating in direct competition with both Japanese military scrip and Nationalist currency. Its notes were instruments of economic warfare as much as practical tender — designed to displace rival currencies within liberated zones and fund guerrilla operations. By 1944 the bank was producing notes in volume despite severe wartime supply constraints, and paper quality varies dramatically across the issue run as a result.

The "b" suffix in the Pick listing denotes a signature or plate variant. Distinguishing S3570a from S3570b in worn condition requires close attention to the control details.