China has a long and rich history of currency, with a wide variety of forms that are vibrant and diverse. The Renminbi holds an important place in the history of our currency culture. Since its issuance, the currency of the People’s Republic of China has released five series of Renminbi.
The First Set of Renminbi
The first set of Renminbi was issued on December 1, 1948, consisting of 12 denominations and 62 variations. This includes 2 types of 1 yuan notes, 4 types of 5 yuan notes, 4 types of 10 yuan notes, 7 types of 20 yuan notes, 7 types of 50 yuan notes, 10 types of 100 yuan notes, 5 types of 200 yuan notes, 6 types of 500 yuan notes, 6 types of 1000 yuan notes, 5 types of 5000 yuan notes, 4 types of 10000 yuan notes, and 2 types of 50000 yuan notes (the 100 yuan note featuring the Wanshou Mountain scene and the 50 yuan note featuring a train scene, both issued in 1949, each have two variations).
In 1948, with the successful progression of the People’s Liberation War, the scattered liberated areas rapidly connected. To adapt to the evolving situation, a unified currency was urgently needed to replace the diverse and inconveniently convertible currencies from various liberated regions. Therefore, on December 1, 1948, the People’s Bank of China was established in Shijiazhuang, Hebei Province, and began issuing a unified Renminbi on the same day. Comrade Dong Biwu, then Chairman of the North China People’s Government, wrote the name of the People’s Bank of China for this set of Renminbi.
After the issuance of Renminbi, its circulation area gradually expanded, and the local currencies of the original liberated areas were phased out and withdrawn according to specified exchange rates. In early 1949, the headquarters of the People’s Bank of China moved to Beiping (now Beijing), and branches were established in various provinces, cities, and autonomous regions. By the end of 1951, Renminbi became the only legal currency in China, circulating nationwide except in Taiwan and Tibet (where Renminbi was officially circulated starting July 15, 1957).
The unified issuance of Renminbi was a significant measure taken to welcome national liberation. It eliminated various currencies issued by the Kuomintang government, ending decades of inflation under their rule and nearly a century of foreign and precious metal currencies circulating in the market. This promoted the comprehensive victory of the People’s Liberation War and played an important role during the early period of economic recovery after the founding of the country.
The Second Set of Renminbi
On February 21, 1955, the State Council issued an order for the People’s Bank of China to issue the second set of Renminbi starting March 1, 1955, while recalling the first set. By this time, the impact of war on the national economy had been eliminated, with rapid recovery and development in industrial and agricultural production, an increasingly active commodity economy, and stable market prices. The national finances had balanced income and expenditure for several consecutive years, with revenue exceeding expenditures, and state commodity reserves and gold reserves increasing year by year. The currency system was correspondingly consolidated and improved, establishing an independent and unified currency system. However, the lingering effects of years of inflation prior to liberation had not been completely resolved. The first set of Renminbi had large denominations (up to 50,000 yuan) and low unit values, making transactions cumbersome and inconvenient for daily life. Additionally, due to the limitations of material and technical conditions at the time, the paper quality of the first set was poor, with a wide variety of denominations (62 types), and limited textual explanations, leading to significant wear and tear.
To address the issue of excessively large denominations and to improve printing quality and further enhance the currency system, the State Council issued an order on February 21, 1955, for the People’s Bank of China to issue the second set of Renminbi, replacing the first set. The conversion rate between the two sets was set at 1 yuan of the second set equal to 10,000 yuan of the first set.
The second set, announced on March 1, 1955, consisted of 10 denominations: 1 fen, 2 fen, 5 fen, 1 jiao, 2 jiao, 5 jiao, 1 yuan, 2 yuan, 3 yuan, and 5 yuan. On December 1, 1957, a 10 yuan note was also issued. To facilitate circulation, the State Council ordered the issuance of 1 fen, 2 fen, and 5 fen coins starting December 1, 1957, which circulated at par with the paper denominations. Subsequently, the designs of the 1 yuan and 5 yuan notes were adjusted, resulting in the issuance of a black 1 yuan note on March 25, 1961, and a brown 5 yuan note on April 20, 1962, increasing the total from the initially announced 11 variations to 16. On April 14, 1964, the People’s Bank of China issued a notice to recall three types of Renminbi notes, deciding to limit the circulation and recall the Soviet-printed 1953 versions of the 3 yuan, 5 yuan, and 10 yuan notes starting April 15, 1964, with exchanges ceasing on May 15, 1964.
The design and issuance of the second set of Renminbi received significant attention and care from central leaders like Zhou Enlai and Chen Yun, who personally reviewed the entire design plan. Many specific and valuable suggestions made by Premier Zhou were adopted, ensuring that the design theme of the second set was clear, with advanced printing techniques, a rational structure of main and supplementary currencies, and novel patterns and colors. The main design content of the banknotes reflected the achievements of socialist construction in the new China, showcasing the revolutionary history of the Chinese Communist Party and the theme of unity among various ethnic groups. The banknote design broke from the fixed rectangular format, adopting a new specification with symmetrical patterns on the sides. The dimensions of the notes increased incrementally with their denominations; the entire design, borders, and patterns featured clear, precise, beautiful, and lively lines, embodying a national style. Except for the smaller denominations, all other notes in the second set were printed using a combination of intaglio and offset printing techniques, with the corner coins printed using single intaglio on the front; the 1 yuan, 2 yuan, 3 yuan, and 5 yuan notes used double intaglio printing on both sides; and the 10 yuan note employed advanced line printing technology of the time. The intaglio plates for the second set were created using traditional hand engraving methods, featuring unique national styles. Their advantages included deep plate patterns and thick ink layers, providing effective anti-counterfeiting functions. As a result, the second set of Renminbi was immediately welcomed by the public, praised for its attractiveness, easy recognition, straightforward calculations, and usability. Practice has shown that the second set became China’s first complete and exquisite currency, playing an important role in improving the currency system and promoting socialist economic development.
The Third Series of Renminbi
The Third Series of Renminbi began issuance in 1962. At that time, China had experienced three consecutive years of economic difficulties. Under the guidance of the Central Committee’s policy of “adjustment, consolidation, enrichment, and improvement,” the country overcame numerous challenges, vigorously developed production, and started to recover and grow its national economy, leading to gradual improvements in fiscal and financial conditions. To promote the development of agricultural and industrial production and facilitate the circulation of goods for the public, the State Council approved the People’s Bank of China to issue the Third Series of Renminbi starting April 20, 1962. The Third Series had a parity of 1:1 with the Second Series, meaning that their denominations were equivalent and could circulate simultaneously in the market.
The Third Series made comprehensive adjustments and replacements to the design based on the Second Series, eliminating the 3-yuan note and adding four types of coins: 1 jiao, 2 jiao, 5 jiao, and 1 yuan. From the issuance of the dark red 1-jiao note on April 20, 1962, until the issuance of the 1 jiao, 2 jiao, 5 jiao, and 1 yuan coins on April 15, 1980, the Third Series underwent 18 years of gradual adjustments and replacements. During this period, ten denominations from the Second Series (excluding six types of paper and coin notes) were gradually withdrawn, while thirteen denominations of the Third Series were issued, including one 10-yuan note, one 5-yuan note, one 2-yuan note, one 1-yuan note, one 5-jiao note, one 2-jiao note, three 1-jiao notes, and four types of coins.
On April 20, 1962, the issuance of the brown 5-yuan note (1956 edition) and the dark red 1-jiao note (1960 edition) was announced. The brown 5-yuan note was a revised version of the dark purple 5-yuan note first issued on March 1, 1955, with changes made to its color and patterns; it was the last variety of the Second Series. The dark red 1-jiao note marked the beginning of the Third Series. On April 15, 1964, the dark green 2-yuan note and the dark green 2-jiao note were simultaneously issued. On January 10, 1966, the 10-yuan note (1965 edition) and the 1-jiao note (1962 edition) with the Tiananmen watermark were issued. To address the issue of the back color of the 1962 edition 1-jiao note being similar to that of the 1962 edition 2-jiao note, making them difficult to distinguish, the back color of the 1962 edition 1-jiao note was adjusted on December 15, 1967, and a reissue took place. On October 20, 1969, the deep brown 5-yuan note and the deep red 1-yuan note of the Third Series began circulation. On January 5, 1974, the light blue 5-jiao note of the Third Series was issued. On April 15, 1980, with State Council approval, the issuance of four types of coins—1 jiao, 2 jiao, 5 jiao, and 1 yuan—began. These four coins circulated alongside their paper note equivalents. Thus, all thirteen denominations of the Third Series were issued.
The Third Series of Renminbi was issued from April 20, 1962, to July 1, 2000, lasting 38 years. The design of this series began in 1958 and its note designs prominently reflected the national economic policy at the time, which emphasized an agriculture-based economy led by industry, balancing both light and heavy industries. In terms of printing technology, the Third Series inherited and advanced the technical traditions and styles of the Second Series. During the plate-making process, meticulous engraving was combined with traditional handcrafting, resulting in fine patterns and lines; the ink colors were well-coordinated and vibrant; the notes were smaller in size with aesthetically pleasing designs.
The Third Series of Renminbi features a reasonable structure, a rich variety of paper and coins, clear design concepts, and relatively advanced printing technology. The issuance of the Third Series strengthened the anti-counterfeiting capabilities of the Renminbi and played an important role in improving China’s currency system and promoting economic development.
The Fourth Series of Renminbi
The Fourth Series of Renminbi was issued in response to economic development, increased retail sales, and rising demand for currency. With the implementation of the reform and opening-up policy from the 11th Central Committee of the Communist Party, China’s national economy developed rapidly, urban and rural commodity economies became increasingly vibrant, and social retail sales surged. This situation required not only that the total volume of currency issuance matched this growth but also that the structure of denominations adapted accordingly. To meet the needs of economic development, further improve the country’s monetary system, and facilitate circulation and transaction accounting, the State Council issued an order on April 25, 1987, for the issuance of the Fourth Series of Renminbi, instructing the People’s Bank of China to begin gradual issuance from April 27, 1987. The main currency denominations included 1 yuan, 2 yuan, 5 yuan, 10 yuan, 50 yuan, and 100 yuan, while the subsidiary denominations included 1 jiao, 2 jiao, and 5 jiao, totaling nine types.
The Fourth Series consists of nine denominations across 14 different designs, employing a “one announcement, multiple issuances” approach. On April 27, 1987, the 50 yuan and 5 jiao notes were first issued, followed by the 100 yuan, 2 yuan, 1 yuan, and 2 jiao notes on May 10, 1988. On September 22, 1988, the 10 yuan, 5 yuan, and 1 jiao notes were issued. To enhance the anti-counterfeiting capabilities of the Renminbi, the 1990 versions of the 50 yuan and 100 yuan notes were released nationwide on August 20, 1992. According to State Council Order No. 97 issued on May 8, 1992, the People’s Bank of China began issuing 1 yuan, 5 jiao, and 1 jiao coins from June 1, 1992, further refining the structure of the Fourth Series. To facilitate market circulation, the 1990 edition and the 1996 edition of the 1 yuan note were issued nationwide on March 1, 1995, and April 1, 1997, respectively, while the 1990 edition of the 2 yuan note was issued on April 10, 1996.
The Fourth Series showcases certain innovations and breakthroughs in design philosophy, style, and printing technology. This series embodies a common theme: under the leadership of the Communist Party of China, the people of all ethnic groups in the country are united and vigorous, working together to build socialism with Chinese characteristics. To emphasize this theme, the 100 yuan note features relief portraits of revolutionary leaders such as Mao Zedong, Zhou Enlai, Liu Shaoqi, and Zhu De; the 50 yuan note depicts the faces of workers, farmers, and intellectuals; and other denominations showcase portraits of figures from China’s 14 ethnic groups. The portraits on the notes are clear and lifelike.
In design style, the Fourth Series preserves and promotes the characteristics of Chinese national art. The reverse side of the main currency features scenes from China’s famous landmarks and natural landscapes, with decorative patterns embodying rich national characteristics, such as phoenixes and peonies, cranes and pines, ribbon-tailed birds and bamboo, and swallows and peach blossoms. These images and patterns integrate with the main scenes, showcasing a distinct national style. In terms of printing technology, the main scenes utilize large watermarks of human portraits, with intricate engraving techniques; the banknote paper employs full-page watermarks and fixed portraits, displaying not only line patterns but also light and dark layers, indicating a high level of craftsmanship that enhances China’s banknote printing technology and anti-counterfeiting capabilities.
Moreover, this series introduced the 50 yuan and 100 yuan denominations, building upon the Second and Third Series. This adaptation was significant for meeting the needs of a developing commodity economy, facilitating circulation, improving social work efficiency, and maximizing the role of the Renminbi in the national economy.
The Fifth Set of Renminbi
Since the reform and opening up, with the continuous, healthy, and rapid development of the socialist market economy, the demand for cash has increasingly grown. In 1998, the net monetary issuance nationwide reached 102.6 billion yuan, with a market currency circulation of 1.1204 trillion yuan, which were 60 times and 52 times that of 1978, respectively. The objective conditions of economic development raised new requirements for the quantity and quality, total amount and structure of Renminbi. The design and printing of the fourth set of Renminbi began at the onset of the reform and opening up but had some shortcomings due to the conditions at the time, such as simple anti-counterfeiting measures and a lack of machine-readable features, which were unfavorable for automated currency processing. All these factors necessitated the timely issuance of a new version of Renminbi.
To meet the requirements of economic development and market currency circulation, on October 1, 1999, coinciding with the 50th anniversary of the founding of the People’s Republic of China, the People’s Bank of China began to issue the fifth set of Renminbi in accordance with State Council Order No. 268. The fifth set consists of 8 denominations: 100 yuan, 50 yuan, 20 yuan, 10 yuan, 5 yuan, 1 yuan, 5 jiao, and 1 jiao. To accommodate the role of lower denominations in market circulation for change, the fifth set introduced a 20 yuan note while eliminating the 2 yuan note, making the denomination structure more rational. The issuance method was “announced once, issued in stages.” On October 1, 1999, the 100 yuan note was issued first; on October 16, 2000, the 20 yuan note, 1 yuan, and 1 jiao coins were released; on September 1, 2001, the 50 yuan and 10 yuan notes followed; on November 18, 2002, the 5 yuan note and 5 jiao coin were issued; and on July 30, 2004, the 1 yuan note was released.
The fifth set of Renminbi inherited the traditional experience of China’s printing technology while drawing on advanced foreign currency design techniques. Improvements were made in raw material processes, enhancing the overall quality and anti-counterfeiting features of the paper. The fixed watermark has strong three-dimensionality and realistic imagery. Features such as magnetic micro-text security threads, colored fibers, and colorless fluorescent fibers are organically integrated into the paper, employing a comprehensive plate-making technology that combines computer-aided design with manual engraving, electronic engraving, and plate corrosion. In particular, international anti-counterfeiting measures were adopted for the second and third lines of defense, providing conditions for professionals and researchers to distinguish authenticity. Compared to the fourth set, the anti-counterfeiting technology of the fifth set increased from a dozen to over twenty types, with enlarged main portraits, watermarks, and denomination numbers for easier recognition by the public. The fifth set employed advanced technology, significantly improving anti-counterfeiting performance and adapting to the modernization of currency processing.
All denominations of the fifth set of banknotes feature the portrait of Comrade Mao Zedong from the early days of the People’s Republic, with a background of famous floral patterns from China. The main designs on the reverse side include the Great Hall of the People, the Potala Palace, the picturesque landscapes of Guilin, the Three Gorges of the Yangtze River, Mount Tai, and West Lake in Hangzhou. By selecting representative designs with ethnic characteristics, the fifth set fully showcases the long history and magnificent landscapes of our great motherland, promoting our rich national culture.
To enhance the printing craftsmanship and anti-counterfeiting technology of the fifth set, the People’s Bank of China issued the 2005 version of the 100 yuan, 50 yuan, 20 yuan, 10 yuan, and 5 yuan notes, as well as a stainless steel 1 jiao coin on August 31, 2005, with State Council approval. To meet the needs of Renminbi circulation, the 2015 version of the 100 yuan note was issued on November 12, 2015; the 2019 version of the 50 yuan, 20 yuan, 10 yuan, 1 yuan notes, and 1 yuan, 5 jiao, and 1 jiao coins was issued on August 30, 2019; and the 2020 version of the 5 yuan note was issued on November 5, 2020, improving the printing technology and anti-counterfeiting standards of the fifth set of Renminbi.
Commemorative Coins
Commemorative coins are limited-edition Renminbi issued with specific themes, categorized into ordinary commemorative coins and precious metal commemorative coins. Since the People’s Bank of China issued its first set of ordinary commemorative coins in 1984, a total of 137 coins have been released as of January 2024, with an approximate total issuance of 8.2 billion coins. These commemorative coins feature a diverse range of themes, with unique designs, various specifications and materials, and aesthetically pleasing patterns at different denominations. Themes include events, meetings, notable figures, and animals, covering aspects such as politics, law, sports, education, environmental protection, and finance, encapsulating over 70 years of remarkable achievements and significant events in the People’s Republic of China. These coins are an important component of the Renminbi series, enriching and enhancing the country’s monetary system, promoting its currency culture, and continually exploring and innovating to actively support commodity circulation, economic development, and expanding international exchanges.
