From December 1948 to December 1953, the People's Bank of China successively issued 62 denominations of the First Series Renminbi (Renminbi) – ranging from the smallest 1 yuan to the largest 50,000 yuan, a span rarely seen in the history of world banknotes. Among these 62 banknotes, some are exquisitely printed official issues, while others are simplified emergency notes from wartime. The difference in their surviving quantity and collection value can be tens of thousands of times. Below, categorized by denomination, we will examine the details of each banknote.
I. Historical Background of the First Series Renminbi
On December 1, 1948, the People's Bank of China was officially established in Shijiazhuang, Hebei, and issued its first banknotes (50 yuan, 20 yuan, 10 yuan) on the same day. The context at the time was:
- The War of Liberation entered its decisive phase.
- There was a need to unify the currencies of various liberated areas (replacing border region notes, Jin-Cha-Ji notes, etc.).
- Responding to the monetary chaos caused by the collapse of the Kuomintang government's gold yuan notes.
Key features of the First Series Renminbi:
- Adopted a"ten thousand yuan"denomination system (up to 50,000 yuan).
- The notes primarily featured industrial and agricultural production and military themes.
- The design reflected the ideology of the New China.
- When theSecond Series Renminbiwas issued in 1955, it was withdrawn from circulation at an exchange rate of 1:10,000.
II. Grouping of 62 Denominations
1 Yuan Group (2 types)
| Denomination | Issuance Year | Theme | Rarity | 2026 Perfect Condition Buyback Price (HKD) |
|---|
| 1 Yuan Workers and Farmers | 1948 | Workers and farmers theme | Scarce | $4,500 - 8,000 |
| 1 Yuan Horse Drinking Water | 1949 | Horse drinking water scene | Scarce | $5,500 - 12,000 |
5 Yuan Group (4 types)
| Denomination | Issuance Year | Theme | Rarity | 2026 Perfect Condition Buyback Price (HKD) |
|---|
| 5 Yuan Water Buffalo | 1948 | Water buffalo farming | Rare | $15,000 - 35,000 |
| 5 Yuan Sailboat | 1949 | Water transport | Scarce | $3,500 - 8,000 |
| 5 Yuan Herding Sheep | 1949 | Grazing scene | Scarce | $3,000 - 7,500 |
| 5 Yuan Weaving | 1953 | Textile workers | Common | $1,200 - 3,500 |
10 Yuan Group (4 types)
| Denomination | Theme | Rarity | 2026 Buyback Price (HKD) |
|---|
| 10 Yuan Workers and Farmers | Industrial and agricultural production | Common | $1,500 - 3,800 |
| 10 Yuan Train | Steam train | Scarce | $3,200 - 6,500 |
| 10 Yuan Sawmill | Logging industry | Scarce | $3,800 - 7,500 |
| 10 Yuan Irrigating Fields | Agricultural irrigation | Rare | $8,500 - 18,000 |
20 Yuan Group (7 types)
| Denomination | Theme | Rarity | 2026 Buyback Price (HKD) |
|---|
| 20 Yuan Train Overpass | Overpass | Scarce | $3,500 - 7,500 |
| 20 Yuan Coal Cart | Coal miners | Common | $1,800 - 4,200 |
| 20 Yuan Pumping Water | Agricultural water pumping | Scarce | $3,200 - 6,800 |
| 20 Yuan Textile | Textile industry | Common | $1,500 - 3,800 |
| 20 Yuan Harvest | Agricultural harvest | Scarce | $3,800 - 8,500 |
| 20 Yuan Sailboat | Water transport | Rare | $12,000 - 28,000 |
| 20 Yuan Threshing | Agricultural threshing | Common | $1,200 - 3,500 |
50 Yuan Group (7 types)
| Denomination | Theme | Rarity | 2026 Buyback Price (HKD) |
|---|
| 50 Yuan Mining Cart | Mining production | Scarce | $3,500 - 8,500 |
| 50 Yuan Workers and Farmers | Workers and farmers theme | Common | $2,200 - 5,500 |
| 50 Yuan Railway | Train tracks | Scarce | $3,800 - 9,000 |
| 50 Yuan Train | Steam train | Rare | $15,000 - 35,000 |
| 50 Yuan Red Factory | Industrial production | Rare | $22,000 - 50,000 |
| 50 Yuan Blue Factory | Industrial production | Scarce | $5,500 - 13,000 |
| 50 Yuan Iron Bridge | Bridge construction | Rare | $28,000 - 65,000 |
100 Yuan Group (10 types) — Diverse Themes
| Denomination | Theme | Rarity | 2026 Buyback Price (HKD) |
|---|
| 100 Yuan Great Wall | Great Wall landscape | Scarce | $3,500 - 8,000 |
| 100 Yuan Factory | Industrial production | Common | $1,800 - 4,500 |
| 100 Yuan Red Factory | Industrial production | Rare | $25,000 - 55,000 |
| 100 Yuan Beihai Bridge | Beihai Park | Scarce | $5,500 - 12,000 |
| 100 Yuan Sailboat | Water transport | Scarce | $4,500 - 10,000 |
| 100 Yuan Large Sailboat | Large sailboat | Rare | $35,000 - 80,000 |
| 100 Yuan Red Worker | Worker image | Common | $2,500 - 6,000 |
| 100 Yuan Blue Worker | Worker image | Scarce | $4,500 - 11,000 |
| 100 Yuan Coal Cart | Coal transport | Scarce | $3,800 - 9,500 |
| 100 Yuan Yellow Threshing | Agricultural threshing | Scarce | $5,500 - 13,000 |
200 Yuan Group (5 types)
| Denomination | Theme | Rarity | 2026 Buyback Price (HKD) |
|---|
| 200 Yuan Practice | Shooting practice | Rare | $22,000 - 50,000 |
| 200 Yuan Paiyun Hall | Paiyun Hall at Summer Palace | Rare | $35,000 - 75,000 |
| 200 Yuan Summer Palace | Summer Palace landscape | Scarce | $8,500 - 22,000 |
| 200 Yuan Great Wall | Great Wall landscape | Scarce | $10,000 - 25,000 |
| 200 Yuan Steelmaking | Steelworkers | Common | $3,500 - 8,500 |
500 Yuan Group (6 types)
| Denomination | Theme | Rarity | 2026 Buyback Price (HKD) |
|---|
| 500 Yuan Harvester | Agricultural machinery | Common | $4,500 - 11,000 |
| 500 Yuan Crane | Industrial crane | Scarce | $8,500 - 22,000 |
| 500 Yuan Tractor | Agricultural tractor | Scarce | $12,000 - 28,000 |
| 500 Yuan Zhengyang Gate | Zhengyang Gate in Beijing | Rare | $45,000 - 100,000 |
| 500 Yuan Zhande City | Zhande City in Xinjiang | One of the Four Heavenly Kings | $280,000 - 850,000+ |
| 500 Yuan Planting | Agricultural planting | Common | $3,500 - 8,500 |
1000 Yuan Group (6 types)
| Denomination | Theme | Rarity | 2026 Buyback Price (HKD) |
|---|
| 1000 Yuan Autumn Harvest | Agricultural autumn harvest | Common | $5,500 - 13,000 |
| 1000 Yuan Two Horses Plowing | Agricultural plowing | Scarce | $8,500 - 22,000 |
| 1000 Yuan Coal Transport | Coal transport | Common | $5,500 - 13,000 |
| 1000 Yuan Horse Drinking Water | Horse drinking water scene | Scarce | $10,000 - 25,000 |
| 1000 Yuan Three Horses Plowing | Three horses plowing | Rare | $45,000 - 110,000 |
| 1000 Yuan Coal Cart | Coal transport | Scarce | $8,500 - 22,000 |
5000 Yuan Group (5 types)
| Denomination | Theme | Rarity | 2026 Buyback Price (HKD) |
|---|
| 5000 Yuan Herding Sheep | Grazing scene | Scarce | $15,000 - 38,000 |
| 5000 Yuan Weihe Bridge | Weihe River bridge | Scarce | $22,000 - 55,000 |
| 5000 Yuan Plowing Machine | Agricultural machinery | Scarce | $18,000 - 45,000 |
| 5000 Yuan Yurt | Yurt landscape | One of the Four Heavenly Kings | $250,000 - 750,000+ |
| 5000 Yuan Tractor | Agricultural tractor | Rare | $38,000 - 95,000 |
10000 Yuan Group (4 types)
| Denomination | Theme | Rarity | 2026 Buyback Price (HKD) |
|---|
| 10000 Yuan Camel Team | Xinjiang camels | One of the Four Heavenly Kings | $300,000 - 900,000+ |
| 10000 Yuan Two Horses Plowing | Agricultural plowing | Rare | $55,000 - 130,000 |
| 10000 Yuan Warship | Naval warship | Rare | $45,000 - 110,000 |
| 10000 Yuan Herding Horses | Xinjiang herding horses | King of Banknotes, Chief of the Four Heavenly Kings | $1,200,000 - 4,500,000+ |
50000 Yuan Group (2 types)
| Denomination | Theme | Rarity | 2026 Buyback Price (HKD) |
|---|
| 50000 Yuan Harvester | Agricultural machinery | Rare | $45,000 - 110,000 |
| 50000 Yuan Xinhua Gate | Xinhua Gate in Beijing | Rare | $55,000 - 130,000 |
III. Statistics of All 62 Denominations
| Denomination Group | Number of Banknotes | Price Range (HKD) |
|---|
| 1 Yuan Group | 2 | $4,500 - 12,000 |
| 5 Yuan Group | 4 | $1,200 - 35,000 |
| 10 Yuan Group | 4 | $1,500 - 18,000 |
| 20 Yuan Group | 7 | $1,200 - 28,000 |
| 50 Yuan Group | 7 | $2,200 - 65,000 |
| 100 Yuan Group | 10 | $1,800 - 80,000 |
| 200 Yuan Group | 5 | $3,500 - 75,000 |
| 500 Yuan Group | 6 | $3,500 - 850,000+ |
| 1000 Yuan Group | 6 | $5,500 - 110,000 |
| 5000 Yuan Group | 5 | $15,000 - 750,000+ |
| 10000 Yuan Group | 4 | $45,000 - 4,500,000+ |
| 50000 Yuan Group | 2 | $45,000 - 130,000 |
| Total | 62 | HK$1,200 - 4,500,000+ |
IV. Quick Look at the Four Heavenly Kings
Among the 62 banknotes, 4 are recognized as"King of Banknotes"Ji Bie:
- 10000 Yuan Herding Horses— Extremely few in existence, perfect condition exceeds HK$1,200,000
- 10000 Yuan Camel Team— Xinjiang theme, rare in existence, HK$300,000-900,000
- 5000 Yuan Yurt— Yurt design, HK$250,000-750,000
- 500 Yuan Zhande City— Zhande City in Xinjiang, HK$280,000-850,000
V. How to Handle First Series Renminbi at Home?
- Refer to the chart in this article to identify the denomination/theme of your banknote.
- Make a preliminary assessment of its condition (uncirculated, lightly circulated, moderately circulated, heavily circulated).
- Absolutely do not touch the banknote surface with bare hands (use cotton gloves or tweezers).
- Store it in an acid-free banknote sleeve.
- Take clear photos of both sides and send them to WhatsApp 98342057.
- Guking Appraisals offers free appraisal + valuation.
- If it is one of the Four Heavenly Kings or a rare version, PMG grading is recommended.
Conclusion
The catalog of 62 denominations of the First Series Renminbi is a complete record of the New China's first legal tender. For collectors, mastering this catalog means being able to quickly identify the market value of their collections – from a common HK$1,500 to a top-tier HK$4,500,000+, the difference is astonishing. WhatsApp 98342057 to schedule a professional free appraisal.
Guking Appraisals – Professional Buyback of First Series Renminbi
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