Watch List notes:

MEDALS, 中國 - 紀念章, Republic 民國, Li Yuan-Hung 黎元洪: Presidential Inaugural Medal, ND (1922), in silver-gilt and enamels, Obv photographic-style portrait of Li, Rev "紀念章" at centre, crossed flags above, wreath below, 48mm, with suspension loop and ribbon. Suspender broken, otherwise about extremely fine.

Estimate: US$300-400