500 Yuan

The Federal Reserve Bank of China was a Japanese-controlled institution operating in occupied northern China, and this 1943 note circulated under that occupation regime rather than any Chinese national authority. By 1943 the bank was issuing large denominations at pace, driven by wartime inflation that was rapidly eroding purchasing power across the occupied territories.

P#J78 is one of several high-denomination notes from this period where surviving examples frequently show heavy circulation wear — the inflationary environment meant notes passed through many hands quickly before losing practical value entirely.