A Complete Guide to the First Series Renminbi"Twelve Heavenly Kings": Which Twelve Are the Most Valuable? | Gu Jin Jian Bao

In my years of authenticating old banknotes, the most frequent question I get is usually, "Is that 10,000-yuan banknote my grandfather left behind really worth a million-dollar mansion?" The answer needs to be considered on several levels. China's First Series Renminbi were wartime currency circulated between 1948 and 1955, with denominations as high as 50,000 yuan. They are extremely rare, but the actual value of a single note can range from a few thousand Hong Kong dollars to tens of millions, with the difference depending entirely on the variety, condition, and origin.

This article organizes the "Twelve Heavenly Kings" (also known as the Twelve Treasures) recognized by the numismatic community, detailing the issuance background, hidden features, key identification points, and 2024–2025 Hong Kong market reference prices for each note, to help you roughly determine the value of your old banknotes at home.

I. Historical Background: Why is the First Series Renminbi So Rare?

On December 1, 1948, the People's Bank of China was established, and the First Series Renminbi was officially issued. Its core mission was to unify the dozens of local currencies in various liberated areas and to end the hyperinflation of the Nationalist era. The entire series of Renminbi had an extremely short lifespan – from its issuance in 1948 to its complete withdrawal from circulation on May 10, 1955, a total of only six and a half years.

This series of Renminbi included 12 denominations ranging from 1 yuan to 50,000 yuan, with 62 varieties. At that time, it was the end of the Chinese Civil War, and materials were scarce. Printing factories were scattered across the country, and the quality of paper, ink, and printing techniques varied greatly. It is precisely for this reason that each banknote bears strong characteristics of "wartime currency," giving it irreplaceable historical and cultural value and making it extremely difficult to collect.

II. Which Twelve Notes are the "Twelve Heavenly Kings"?

Among the 62 varieties, the 12 most scarce and hardest to collect, recognized by the numismatic community, are collectively known as the "Twelve Heavenly Kings":

• Five Yuan "Water Buffalo"
• Twenty Yuan "Threshing Ground"
• One Hundred Yuan "Sailing Boat"
• Five Hundred Yuan "Zhandecheng"
• One Thousand Yuan "Horses Grazing" (Horses Drinking)
• Five Thousand Yuan "Sheep Herding"
• Five Thousand Yuan "Weihe Bridge"
• Five Thousand Yuan "Yurt"
• Ten Thousand Yuan "Camel Team"
• Ten Thousand Yuan "Horses Grazing"
• Fifty Thousand Yuan "Xinhuamen"
• Fifty Thousand Yuan "Harvester"

Among these, the four high-denomination "Four Ultimate Treasures" are the rarest. Let's discuss them one by one below.

1. King of Banknotes: Ten Thousand Yuan "Horses Grazing"

The Ten Thousand Yuan "Horses Grazing" note, issued on May 17, 1951, is widely recognized as the "King of Chinese Banknotes." The front left features a Mongolian herdsman waving a lasso on the grassland, with a purple main color; the back has Mongolian script for the bank name and denomination.
Reason for Scarcity: This note was only issued in the Inner Mongolia Autonomous Region, where the area was vast and sparsely populated, resulting in extremely limited issuance. Its circulation period was only 3 years and 11 months, and the paper quality was fragile and easily damaged. Currently, the estimated surviving quantity is only around 60–70 notes, with perfect condition notes being almost nonexistent.
Market Value: In the 2022 Hangzhou Yihe Auction, a PMG 53 EPQ "Horses Grazing" note sold for 17.25 million RMB (approximately HK$18,630,000), setting a new world auction record for Chinese banknotes.

2. Jewel of the Frontier: Five Thousand Yuan "Yurt"

Issued on the same day as the "Horses Grazing" note, it also circulated only in the Inner Mongolia region. The front design features a yurt and camels, with a green main color.
Reason for Scarcity: The surviving quantity is similar to the "Horses Grazing" note, around 70 pieces, but notes in 95% or better condition are almost nonexistent – preservation is extremely difficult.
Market Value: A recent "Yurt" note with folds and wear still fetched approximately 38,000 USD (approximately HK$296,000) at an overseas autumn auction. A single note in better condition can be valued from HK$590,000 to HK$1,180,000.

3. Treasure of the Western Regions: Five Hundred Yuan "Zhandecheng" and Ten Thousand Yuan "Camel Team"

Both notes were specially issued for the Xinjiang region, featuring Uyghur script and strong ethnic and regional characteristics.

• Five Hundred Yuan "Zhandecheng":Issued in October 1951, the main scene on the front is Zhandecheng in Yili, Xinjiang. Most notably, the four characters"Kang, Mei, Yuan, Chao"(Resist America, Aid Korea) are hidden in the grass on the left side of the front as an anti-counterfeiting secret mark, directly engraving major national events of the time into the currency. Approximately 60 notes survive, with market reference values of about HK$410,000 to HK$950,000.
• Ten Thousand Yuan "Camel Team":The front depicts a camel team in the desert, with a reddish-brown main color, and Uyghur script printed on the back. A secret mark is hidden in the floral cluster on the right side of the Uyghur text on the back, containing the character"Min"(min). Current market reference values are about HK$270,000 to HK$700,000.

4. Most Historic: Fifty Thousand Yuan "Harvester" and "Xinhuamen"

To modern people, a denomination of 50,000 yuan seems incredible. These two banknotes, issued in December 1953, were the latest issued, highest denomination, and shortest circulating varieties (less than one and a half years in circulation) in the First Series Renminbi.

• "Harvester": Reflects New China's vision for agricultural mechanization, featuring the advanced rhombic watermark of the time.
• "Xinhuamen":The front depicts Xinhuamen in Zhongnanhai, Beijing, symbolizing the center of national power, with numerous hidden marks including characters like"Ren"(ren),"Min"(min),"Gong"(gong), and"Zhong"(zhong), demonstrating strong anti-counterfeiting awareness.

III. Why Did the Ten Thousand Yuan Banknotes "Disappear"?

Many collectors ask why, despite the significant issuance of the First Series Renminbi, it's almost impossible to find them among the general public. The answer lies in the currency reform of 1955.

1. 10,000 to 1 Exchange: Due to severe inflation in the early days of the PRC, the denominations of the First Series Renminbi were too large and inconvenient for calculation. On March 1, 1955, the State Council issued the Second Series Renminbi and fully recalled the First Series at an exchange rate of "10,000 old yuan to 1 new yuan."
2. Thorough Recall:At that time, 73,000 Buyback points were set up, with a limited period for exchange, after which the old currency would become invalid. Within a mere 100 days, 98.1% of the circulating quantity had been Bought back. With scarce resources back then, people exchanged almost all their old currency to buy food, and there was no notion of collecting.
3. Natural Wear and Tear: The printing paper for the First Series Renminbi was often locally sourced and of poorer quality, making it highly susceptible to wear, yellowing, and insect damage. After decades of time and historical movements, those that remain completely intact are extremely rare.

IV. Market Reference Price List for the Twelve Heavenly Kings (HKD)

The table below summarizes the common transaction ranges in the recent Hong Kong market for collectors' reference. (Note: Prices are converted to HKD based on recent exchange rates; actual buyback prices need to be comprehensively evaluated based on the banknote's condition, grading score, and current market conditions.)

Name of Treasure	Year of Issue	Key Features and Hidden Marks	Market Reference Value (HKD)
Ten Thousand Yuan "Horses Grazing"	1951	Circulated only in Inner Mongolia;"Gong"character hidden mark above the floral emblem in the bottom right	Approx. 2,000,000 – 18,000,000+
Five Thousand Yuan "Yurt"	1951	Issued in Inner Mongolia region; perfect condition extremely rare	Approx. 590,000 – 1,200,000
Five Hundred Yuan "Zhandecheng"	1951	Issued in Xinjiang region;"Kang Mei Yuan Chao"(Resist America, Aid Korea) hidden in the grass	Approx. 410,000 – 950,000
Ten Thousand Yuan "Camel Team"	1951	Issued in Xinjiang region;"Min"character hidden mark in the floral cluster on the back	Approx. 270,000 – 700,000
Fifty Thousand Yuan "Xinhuamen"	1953	China's largest denomination banknote; contains"Ren, Min, Gong, Zhong"and other hidden marks	Approx. 40,000 – 100,000+
Fifty Thousand Yuan "Harvester"	1953	Rhombic watermark; "C" letter hidden mark on the left scrollwork	Approx. 50,000 – 150,000+
One Thousand Yuan "Horses Drinking"	1951	Issued in Xinjiang region; no watermark, design borrowed from Jin-Cha-Ji Border Region Banknote	Approx. 150,000 – 850,000
Five Thousand Yuan "Sheep Herding"	1951	Issued in Xinjiang region; "C, X, N" letters next to Uyghur script on the back	Approx. 100,000 – 300,000+

(Banknote collecting emphasizes "one condition, one price": the transaction prices of perfect, full, and damaged items can differ by tens or even hundreds of times. Accurate quotes require physical authentication.)

V. Four Tips for Authentication: How to Spot High-Quality Counterfeits of the First Series Renminbi

Since the First Series Renminbi is priceless, the market is flooded with high-quality counterfeits. Here are four simple tips.

1. Hidden Mark Identification:Due to limited anti-counterfeiting technology at the time, designers left specific characters or English letters as"hidden marks"in concealed areas of the note. For example, the"Gong"character on the"Horses Grazing"note, the four characters"Kang Mei Yuan Chao"(Resist America, Aid Korea) on the"Zhandecheng"note, and the"Min"(min) character on the back of the"Camel Team"note. Modern high-quality counterfeits often reproduce these hidden marks ambiguously or with stiff strokes.
2. Paper Quality and Underprint: The First Series Renminbi mostly used specially made banknote paper, with flat fibers that, while rough, had a "fuzzy feel"; the underprint appeared blurry but had a rich sense of layering. Counterfeit notes often use modern paper, which is loosely dense, too smooth, or too shiny.
3. Calligraphy of Text:The six characters"China Ren Min Yin Xing"(People's Bank of China) and most of the Chinese characters on the note were personally inscribed by Dong Biwu, then chairman of the North China People's Government. Genuine notes have natural, vibrant calligraphy that feels embedded in the paper; counterfeit notes often lack strength in the calligraphy, with subtle flaws in spacing and the beginning and end of strokes.
4. Printing Process: Genuine notes often used intaglio or intaglio-offset printing, resulting in rounded lines with a three-dimensional feel, and some ink even appears "crystalline." Counterfeit notes are mostly modern offset or photocopy prints, with smooth patterns, lacking layers, and the dynamics of horses and camels appearing rigid.

In addition to the First Series, the Second Series (including the famous "Big Black Ten" and "Soviet Three-Coin") and the Third Series Renminbi also have classic treasures. For detailed market conditions, you can also refer to the Second Series Renminbi Big Black Ten and Soviet Three-Coin Market Trends and Third Series Renminbi Collection Market Trends. For the Fourth Series market conditions, see the Fourth Series Renminbi Collection Guide.

VI. Collector's Philosophy: Preservation, Grading, and Monetization Sequence

The paper of the First Series Renminbi is fragile, and improper preservation can downgrade a treasure originally worth over a million Hong Kong dollars to the "damaged goods" category. Here are three simple principles.

• Avoid Light and Humidity: Hong Kong summers often see humidity exceeding 80%. It is recommended to use an electronic dehumidifier with humidity set to 45%–55%. Prolonged exposure to strong light will cause ink to fade.
• Do Not Touch with Bare Hands: When examining banknotes, use cotton gloves or tweezers. Hand sweat and salt can permanently damage the paper base.
• Send for Professional Grading: For banknotes valued over HK$50,000, it is recommended to send them for PMG grading. Encased banknotes have significantly higher liquidity in the secondary market than raw notes. For the impact of serial numbers and condition on the market price of similar banknotes, refer to The Impact of Banknote Serial Numbers and Condition on Market Price.

Regarding monetization, the prices offered by street-side gold shops and pawnshops are generally low; secondary market transaction prices are usually two to three times that of gold shops. If you have early Renminbi at home, you can refer to the Old Renminbi buyback market Trends, or directly view the complete banknote Buyback list.

VII. Frequently Asked Questions (FAQ)

Q1: My 50,000 yuan "Xinhuamen" note has creases and stains, is it still valuable?
It still holds considerable value. The surviving quantity of the 50,000 yuan notes is not large, so even with creases and minor stains, the market price can still reach over HK$40,000. A precise assessment requires a physical examination of the paper quality, ink, and hidden marks.

Q2: How to distinguish a genuine "Horses Grazing" note? There are many high-quality counterfeits on the market.
The Ten Thousand Yuan "Horses Grazing"note is the most frequently counterfeited variety, so it's recommended to send it directly for PMG grading. During physical authentication, focus on three key aspects: the"Gong"character hidden mark above the floral emblem in the bottom right, the layered appearance of the purple ink, and the"fuzzy feel"of the paper base. All three must be present for it to potentially be genuine.

Q3: Besides banknotes, what else do you buy?
Our Buyback scope includes various silver coins (Yuan Datou, Guangxu Yuanbao, Qing Dynasty silver coins), old gold, stamps, jade, and antique watches. If you also have silver coins you'd like appraised, we can assess them together during a home visit.

Q4: What is the process for an on-site appraisal?
WhatsApp photos of the front and back of the item → preliminary appraisal within half an hour → schedule an on-site visit or come to our shop for physical inspection → finalize price → immediate cash or bank transfer payment.

VIII. Contact Information

Found old banknotes, old silver coins, or old stamps at home? Instead of letting them gather dust in a drawer, let a professional team assess their actual market value. Gukin Jianbao offers free home visits across Hong Kong Island, Kowloon, and the New Territories:

• WhatsApp: 98342057
• WeChat: john19998
• Phone: 852-98342057

Transparent quotes, immediate cash, absolute confidentiality.