Watch List notes:

China, 1368-99, 1 Kuan, P-AA10, Issued banknote. 10 Strings of Cash Coins at top center on front and back center at bottom. Large red seal and black seal on back, the one on face is faded, Printed on dark gray mulberry paper. The note is in acceptable condition and would have graded VG to Fine condition, but the bottom 1/4th of the note is missing and evidently cut off at sometime in the past . There is evidence of only one light horizontal fold in the middle and a few areas where the paper is very thin and rounded corners on the top left and right, but still very attractive and collectible for the issue. There is also a adhesive piece of tape with Chinese characters on the back that is 1 1/4 by 1/3rd of an inch, This note came from a group of these notes that were discovered during the "Boxer Rebellion". The notes were printed by the "Hung-wu Emperor" to create a national currency. The legends on the notes cites the authority of Hung-wu, the punishment for counterfeiting and reward for informants. The term Kuan (Quan, Kwan) relates to the Quan system of money (silver bars). A collectible example of this rare banknote and the earliest example of paper money available.

Estimate: 6000 - 12000