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500 Yuan Bank of Pei Hai

Issuer Bank of Pei Hai (北海银行)
Year 1948
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Value 500 Yuan
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Obverse lettering 北海銀行 伍百圓 山東 中華民國三十七年印
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Reverse lettering 500 1948
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Comments

The Bank of Pei Hai was a Communist-controlled regional bank operating in the Shandong-Bohai base area, and by 1948 it was issuing notes in increasingly large denominations to keep pace with the inflationary chaos of the final phase of the Chinese Civil War. This 500 Yuan note arrived just ahead of the bank's absorption into the newly established People's Bank of China, which was founded in December 1948 and quickly consolidated the patchwork of Communist regional currencies into a single renminbi system.

Pei Hai notes from this late period were short-lived by design — conversion campaigns moved quickly, and most were withdrawn and pulped within months of the PRC's establishment.

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