Watch List notes:

BANKNOTES, 紙鈔, CHINA - EMPIRE, GENERAL ISSUES, 中國 - 帝國中央發行,Ming Dynasty 明朝 (1368-1644): 1-Kuan (1000-Cash) 大明寶鈔, issued by Emperor Hung Wu (1368-99), made of mulberry paper from the mulberry tree, top: six chinese characters "Ta Ming T'ung Hsing Pao Cha's" (Treasure Note of the Great Ming) in K'ai Shu style, at centre: value "1 Kuan" (Ten Strings) in K'ai Shu style (at this period one String was equlvalent to 100 copper cash) with pictorial presentation of Ten Strings (1-Kuan) below, to left: "T'ien Hsia T'ung Hsing" (To Circulate For Ever And Ever Under The Heavens), to right: "Ta Ming Pao Cha'o" (Great Ming Treasure Note), Chinese text lower centre meaning "This note of the Great Ming is printed with the approval of the Hung Wu Emperor (year 1368-1398) through the Hu Pao (the Ming Finance Department) and used side by side with copper cash. Those who counterfeit the Great Ming notes will be beheaded while an informant will be rewarded with 250 Taels of silver and with confiscated property of the convicts into the bargain", red square seal on the back (equivalent of a signature), 340mm x 222mm (P AA10; SM T36-20). Medium sized hole at lower left, a few smaller holes across note, some paper weakness and small tears in top edge, some stains across note and hevy horizontal fold at centre, otherwise fine.
ex Sophus Black Collection, renowned Danish collector and engineer who was employed by the Great Northern Telegraph Company and stationed in China from 1902 to 1931. Black collected Chinese arts and antiques during his stay in China. He donated numerous items from his collection to museums, including the National Museum of Denmark, and other parts of his collection were offered at auctions in Asia and Europe.

Estimate: US$2,500-3,500