Watch List notes:

Shanghai Telephone Co. 1933 Specimen Bond. Shanghai, China, 1933, $-Odd, Specimen Registered 6% 1st Mortgage Silver Dollar Debenture, Series B, Brown border with title of company logo of circle in Chinese and English with "IT&T System", No Coupons attached, Specimen overprints, "00000" serial numbers and POC's, XF. Bond is in English. Rare Chinese-American Telephone Company Specimen bond. ABNC.

Estimate: 3000 - 6000