Watch List notes:

International Banking Corporation, 1905 "Shanghai" Branch Issue Specimen. Shanghai Branch, 1905, $10, P-S420s (S/M#M10-3), Specimen banknote, Brown on m/c face and orange back, Specimen overprints, "00000" serial numbers and POC's, Two printed signatures. Gem Uncirculated condition with large even margins, bright colors, sharp corners and exceptional paper quality. ABNC. This note will be very difficult to improve upon.

Estimate: 8000 - 16000