Watch List notes:

Ming Dynasty Circulating Note. China. 1368-99. 1 Kuan, P-AA10, Issued banknote. 10 Strings of Cash Coins at top center on front and back center at bottom. 2 large red seals on face and one on back. Printed on dark gray mulberry paper. The note is in excellent condition for this issue and is ICG graded Very Fine 30, There is evidence of only one light horizontal fold in the middle and 4 internal areas where the paper is very thin and gives the appearance of small holes, but the paper is present and translucent and as made. This note came from a group of these notes that were discovered during the "Boxer Rebellion". The notes were printed by the "Hung-wu Emperor" to create a national currency. The legends on the notes cites the authority of Hung-wu, the punishment for counterfeiting and reward for informants. The term Kuan (Quan, Kwan) relates to the Quan system of money (silver bars). A superior example of this rare banknote and the earliest example of paper money available.

Estimate: 4000 - 8000