The first series of renminbi ("people's currency") banknotes was issued by the newly founded People's Bank of China on Dec 1, 1948. The notes were issued in 12 denominations: 1, 5, 10, 20, 50, 100, 200, 500, 1,000, 5,000, 10,000 and 50,000 yuan. The 62 different designs carried agricultural and industrial scenes featuring workers and peasants.