The Five Sets of RMB Used in Chinese History

Original Huang Chenkuang theBeijinger 2022-05-09

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It's nearly been a few years since the People’s Bank of China issued the 2019 edition of 人民币 rénmínbì (RMB), however, these most recent updates are far from the first time the nation's currency got a dramatic facelift. Literally translated as “the people’s currency,” RMB has been China’s official skrilla since it started gracing wallets in 1948. Every decade or so, however, a completely new set of the currency will be issued, with various subtler changes released as new "editions" appearing more frequently. As such, the RMB has undergone five major iterations in its 72 years of use, with the most recent redesign affecting the 50-yuan, 10-yuan, and one-yuan banknotes, as well as one-yuan, 50-cent, and 10-cent coins.

Below we take a brief look at the history of the RMB.

2019 edition of the fifth set of RMB - in case you, like us, haven't seen them because you never use cash

The first set of RMB: Issued on December 1, 1948

Banknotes: 1 yuan, 5 yuan, 10 yuan, 20 yuan, 50 yuan, 100 yuan, 200 yuan, 500 yuan, 1000 yuan, 5000 yuan, 10,000 yuan, and 50,000 yuan

Background images: The scenic spots and historical sites such as the Great Wall and the Summer Palace, most of the ticket patterns reflected the production and construction of the liberated areas at that time, such as workers and farmers weaving, steel working, and cultivating land, etc.

Historical significance: Stabilize Communist-held areas during the Civil War, which assisted in a CCP victory.

Current value: 4.15 to 6.8 million for a whole set, with a 10,000-yuan banknote valued at RMB 1.53 million.

100-yuan banknote of the first set of RMB

The second set of RMB: Issued on March 1, 1955

Banknotes: 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, 1 yuan, 2 yuan, 3 yuan, 5 yuan, 10 yuan

Coins: 1 cent, 2 cents, and 5 cents

Background images: Images showing the battle of CPC's great revolution like Tian'anmen, Yan'an Baota Mountain, and Jinggangshan, the "Red Land" in Jiangxi province.

Historical significance: The first time coins are issued, a unified currency system is further strengthened.

Current value: Ranges from RMB 8,000 to RMB 250,000 for each banknote or coin.

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Not much has changed since the first coins of modern China were issued 65 years ago

The third set of RMB: Issued on April 20, 1962

Banknotes: 10 cents, 20 cents, 50 cents, 1 yuan, 2 yuan, 5 yuan, 10 yuan

Coins: 10 cents, 20 cents, 50 cents, and 1 yuan

Background image: Patterns reflecting the policy of the national economy at the time based on agriculture and various forms of industry.

Historical significance: The set was in circulation for 38 years until 2000, making it the longest-running set.

Current value: Ranges from RMB 20,000 to RMB 260,000 for each banknote or coin.

The 1962 one yuan bill prominently featured a working woman

The fourth set of RMB: Issued on April 27, 1987

Banknotes: 10 cents, 20 cents, 50 cents, 1 yuan, 2 yuan, 5 yuan, 10 yuan, 50 yuan, 100 yuan

Coins: 10 cents, 50 cents, and 1 yuan

Background image: Various Chinese nationalities.

Historical significance: Used photos showing the unity of Chinese nationalities. Moreover, it was the first time they used images of government leaders (Mao Zedong, Zhou Enlai, Liu Shaoqi, and Zhu De).

Current value: RMB 200,000 for a whole set.

Ethnic minorities gained representation in currency in the 1980's

The image of four top governmental heads was used for the first time at the fourth set of RMB

The fifth set of RMB: Issued on October 1, 1999 (the second edition in 2005, the third edition in 2019)

Banknotes: 1 yuan, 5 yuan, 10 yuan, 20 yuan, 50 yuan, 100 yuan

Coins: 10 cents, 50 cents, 1 yuan

Background image: Mao Zedong.

Historical significance: Renewed the design with more sophisticated technology.