Watch List notes:

Swatow Commercial Bonds Association, 1935 Private Issue. Swatow, $30, P-Unlisted, Issued banknote, Green on m/c with building on river and building on right, back gray-green on light green underprint with shrines on hillside by river, S/N 082532, Choice Fine but the back has been thinned which has taken off portions of the ink, Another rare note that is seldom seen at auction.

Estimate: 3000 - 5000