Watch List notes:

Central Bank of China, 1948 Essay Specimen Banknote. China, 1948. 250,000 C.G.U. Series 00-A. P-Unlisted (PMG designated P-374pe). This note has the vertical Chinese characters on face below portrait with each letter surrounded by white area. Uniface front and back specimen banknotes in brown-orange. SYS in center top on face and bank building on back. Red Chinese specimen overprint, "00000" serial numbers and POC on face and "Specimen" overprint on back. Top of note has "8-19-48" and "L-302-F" for the face and "L-302-B" for the back". Vertical notes. Choice to Gem Uncirculated with very light toning on the top front margin. SBNC. Rare essay banknote.

Estimate: 10000 - 19000