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| 背面描述 | The reverse is dominated by three large interlocking guilloche rosette medallions arranged horizontally, with the denomination 伍佰圓 in Chinese characters centred within the middle rosette and the numeral 500 in Arabic figures within each of the flanking rosettes. The bank title 中國人民銀行 appears in a cartouche at the top, and the year 1949 is printed at the base of the central design. |
| 背面铭文 | 行銀民人國中 伍 佰 圓 500 1949 (Translation: People`s Bank of China Five Hundred Yuan) |
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The People's Bank of China was formally established only in December 1948, and the entire first series of Renminbi notes — including this 500 Yuan — was issued under acute wartime pressure as Communist forces swept through mainland China. Production was decentralized by necessity, with printing distributed across multiple facilities to keep pace with military advances; this accounts for the notable variation in paper quality and ink density found across surviving examples of this denomination.
Inflation under the Nationalist government had so thoroughly destroyed public confidence in paper currency that the new administration had to issue denominations this large from the outset, even as it positioned the Renminbi as a stable alternative to the collapsing Gold Yuan.