Watch List notes:

COINS, 錢幣, CHINA - REPUBLIC, GENERAL ISSUES, 中國 - 民國中央發行, Republic 民國: Copper Pattern Gold Standard 5-Cents 金本位幣半毫紅銅樣幣, Year 21 (1932), Obv date and rosace with sunburst, Rev wreath with legend above, plain edge 光邊, unpierced 滿穿 (Kann 829b for type, unlisted in copper). Chocolate-brown, uncirculated with traces of mint red, very rare.
ex Ma Ding-Xiang Collection 馬定祥舊藏

Estimate: US$3,000-4,000