Watch List notes:

CHINA – MEDALS, 中國 - 紀念章, Republic 民國, Tsao Kun 曹錕: Presidential Inaugural Medal, ND (1923), in silver-gilt and enamels, Obv photographic-style portrait of Tsao, Rev "紀念章" at centre, crossed flags above, wreath below, 48mm, with suspension loop and ribbon. About extremely fine.

Estimate: US$400-500