50 Yuan Bank of Pei Hai

The Pei Hai Bank was the financial arm of the Shandong-Bohai communist base area, one of the more durable guerrilla administrative zones the CCP maintained behind Japanese lines. By 1945 it had been issuing its own currency for several years, deliberately keeping multiple denominations in circulation to manage a war economy running on agricultural tax, salt revenue, and captured goods.

Notes from this bank are routinely misattributed to postwar Communist issues. The 1945 date places this squarely in the final year of Japanese occupation, not the Civil War period.