500 Yuan Bank of Chang Chung

正面描述	Portrait of Mao Tse-tung at left within an ornate oval vignette, set against a lilac guilloche underprint. The denomination 伍佰圓 (500 Yuan) appears in a decorative cartouche at centre-right, flanked by two official seal stamps. The bank title 長城銀行行 is inscribed at top centre, with 流通券 at left margin and the Republic of China year inscription 中華民國三十七年印 at lower centre.
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背面铭文	BANK OF CHANG CHUNG FIVE HUNDRED YUAN 1948 500
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备注	The Bank of Chang Chung was a regional bank operating in Manchuria under the Chinese Nationalist government's increasingly strained monetary framework during the final phase of the Civil War. By 1948, hyperinflation had made high-denomination provincial notes like this 500 Yuan issue functionally obsolete within months of printing — the Communist forces took Changchun in October 1948 after a brutal siege that lasted nearly five months and effectively ended Nationalist control of the northeast. The siege conditions meant that notes issued by Chang Chung institutions circulated in an almost entirely closed economy for much of that year. Survival rates are uneven, and examples that passed through the siege period show corresponding wear.

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