Watch List notes:

CHINA – MEDALS, 中國 - 紀念章, Republic 民國, Chang Xi-Luan 張錫鑾: Silver Medal, Year 1 (1912), Obv ¾-facing military bust, "直隸都督張", "GIORGI" above shoulder, Rev crossed flags, without class designation below, reeded edge 齒邊 (L&M 941). Some scratches, otherwise about uncirculated with iridescent toning.
E Kann erroneously attributed this medal to General Chang Hsun 張勳, who never served as Military Governor of Chihli.
耿愛德稱此為張勳紀念章, 實誤, 張勳從未出任直隸都督。

Estimate: US$1,200-1,500