China Banknotes: History, Notable Notes, and Collecting Guide
The renminbi (yuan) explained, from the world's first paper money and the turbulent Republic era to the five modern series and their most prized rarities.
Last updated: July 2026
China's official currency is the renminbi, which means people's currency, and its main unit is the yuan (ISO code CNY, symbol ¥). It is issued by the People's Bank of China, which released the first renminbi in 1948. Chinese paper money is collectible for two reasons. The modern renminbi runs through five distinct series with rich design and famous rarities, and the wider history reaches back to the Song dynasty, when China issued the world's first government paper money, through a turbulent Republic era of competing banks and currency collapse. That range gives collectors everything from an affordable current scenic note to some of the most prized pieces in world numismatics.
What is the history of Chinese paper money?
China invented paper money. Government-issued notes first appeared under the Song dynasty around the eleventh century, and today's currency, the renminbi, dates to 1948.
The earliest paper money, the jiaozi, circulated in Sichuan during the Song dynasty, roughly a thousand years ago, long before paper currency reached Europe. The Mongol Yuan dynasty issued paper money across its empire, a system the traveler Marco Polo described with astonishment, and the Ming dynasty printed the Great Ming Treasure Note. For most of that long history, paper money was tied to the recurring problem of over-issue, which makes China a central chapter in the story of how money works.
The Republic era, from 1912 to 1949, was a patchwork of issuers. The Central Bank of China, the Bank of China, the Bank of Communications, and the Farmers Bank of China all printed notes, many carrying the portrait of Sun Yat-sen. The period ended in one of the twentieth century's severe currency collapses, as the Republican gold yuan introduced in 1948 lost value catastrophically through 1949, an episode catalogued in the Hanke-Krus World Hyperinflation Table published by the Cato Institute. You can see how it compares to other collapses in our ranking of every major hyperinflation.
The People's Bank of China was founded on December 1, 1948, and issued the first renminbi to unify the many competing currencies of the new People's Republic. Since then the renminbi has passed through five series, each a snapshot of its era, and only the fifth remains in everyday use.
What are the most collectible Chinese banknotes?
The five renminbi series are the backbone of Chinese collecting, with the first series prized above all. Each series has its own character, rarities, and design themes.
| Series | Introduced | Known for |
|---|---|---|
| First series | 1948 | Founding currency of the People's Republic; the rarest and most prized, and a complete set is a landmark achievement |
| Second series | 1955 | Included an unusual 3 yuan note printed with Soviet assistance, later withdrawn and now scarce |
| Third series | 1962 | Long-circulating everyday notes with several varieties actively sought by collectors |
| Fourth series | 1987 | Portraits of China's ethnic minorities on lower values and national leaders on the 100 yuan |
| Fifth series | 1999 | Current circulating notes, with Mao Zedong on every front and famous landscapes on the backs |
The first series is the crown of the field. Issued from 1948 across many denominations, most of its notes circulated only briefly before withdrawal, so survivors are scarce and a complete set is one of the hardest goals in world numismatics. The second series of 1955 is remembered for its unusual 3 yuan note, a denomination rare to Western eyes, which was printed with Soviet assistance and later recalled. The third series, in circulation for decades from 1962, is where many collectors begin, since it is affordable yet holds several famous varieties. The fourth series, from 1987, is notable for celebrating China's ethnic minorities on its smaller notes. The current fifth series places Mao Zedong on the front of every denomination and famous scenery on the back, from West Lake to the Great Hall of the People.
How do you start collecting Chinese banknotes?
Pick one focus, buy from a source-first dealer that authenticates every note, and add certified examples for higher-value pieces.
A focus gives a collection its shape. You might complete the current fifth series with its scenic backs, work backward through the historic first to fourth series, or specialize in Republic-era notes and their many issuing banks. Whatever you choose, condition drives value, so favor uncirculated notes and buy fewer, better pieces. Our guide to collecting world banknotes walks through choosing a focus, budgeting, and buying safely.
For anything above pocket-change value, authenticity matters most. Buy from a dealer that documents where a note came from and includes a Certificate of Authenticity, and consider notes certified by PMG or PCGS on the 1 to 70 scale for scarcer pieces. Our banknote grading guide explains that scale, what UNC and EPQ mean, and how grade drives price.
Where can you buy Chinese banknotes?
Buy from an established, source-first dealer that authenticates every note, offers independent grading on higher-value pieces, and stands behind each note in writing.
The biggest risk for a collector is a note whose authenticity or condition does not match the listing, and you reduce that risk almost entirely by choosing where you buy. Planet Banknote sources notes directly from mints, central banks, and authorized distributors, inspects each one through the Planet Banknote Verified process, and ships every order with a free Certificate of Authenticity. Browse the current selection of China banknotes to start, and add certified pieces from our graded banknotes collection when you want slabbed examples.
Related guides
- How to Start Collecting World Banknotes: choosing a focus, budgeting, and buying safely.
- Banknote Grading Guide: how the PMG and PCGS 1 to 70 scale works, and what UNC and EPQ mean.
- Every Hyperinflation, Ranked: where China's Republican collapse sits among history's worst.
- China Banknotes: the current selection at Planet Banknote.
Frequently asked questions
What currency does China use?
China's official currency is the renminbi, which means people's currency. Its main unit is the yuan, with the ISO code CNY and the symbol ¥. One yuan divides into 10 jiao, and one jiao into 10 fen. All renminbi is issued by the People's Bank of China, whose name appears on every note.
Why are first series renminbi notes so collectible?
The first series renminbi, issued from 1948, was the founding currency of the People's Republic. Many of its notes circulated only briefly before they were withdrawn, so surviving examples are scarce, and a complete set is one of the hardest and most prized achievements in Chinese collecting. That combination of historical importance and rarity makes first series notes the crown of the field.
Are hell bank notes real Chinese money?
No. Hell bank notes, a form of joss paper, are ceremonial offerings burned for ancestors in Chinese tradition. They are not legal tender, are not issued by any bank or government, and have no monetary value. Collectors treat them as folk art and funeral custom, not as currency.
Did China ever experience hyperinflation?
Yes. During the Chinese Civil War, the Republican government's money collapsed, and the gold yuan introduced in 1948 lost value catastrophically through 1949. This episode is catalogued in the Hanke-Krus World Hyperinflation Table published by the Cato Institute, alongside cases such as Zimbabwe and Hungary.
How do I start collecting Chinese banknotes?
Pick one focus, such as the current fifth series, the historic first through fourth series, or Republic-era notes, then buy from a source-first dealer that authenticates every note and includes a Certificate of Authenticity. For higher-value pieces, consider examples certified by PMG or PCGS on the 1 to 70 scale. Starting with an affordable current-series note is an easy way to begin.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.