Watch List notes:

Central Bank of China, 1949 Specimen Essay Banknote. China, 1949, 500,000 Gold Yuan, P-Unlisted, (PMG designation 425Apef), Uniface front specimen. Approval banknote. Punched out cancels. No specimen, signatures or serial numbers. Back has "Approved for Production: L-4, Color O.K. 5-2-49". Rare note. No similar examples are listed in Pick. PMG graded Choice Uncirculated 64. SBNC.

Estimate: 4000 - 8000