Watch List notes:

Bank of China, 1917 "Kalgan" Branch Issue Rarity. Kalgan (Cyrillic text), 50 cents, P-45c S/M#C294-74c, Issued banknote, Blue face with red text, bridge with building, back orange, toning on the lower right and left borders otherwise Uncirculated. BEPP. Rarely seen branch issue and first time seen by cataloger. Extremely rare note in any condition and possibly one of the finest known in this condition. The note catalogs $5500 in XF in the SCWPM. This one of two examples offered in this auction of this type and is sure to attract spirited bidding.

Estimate: 12000 - 23000