Watch List notes:

MEDALS, 中國 - 紀念章, Republic 民國, Tsao Kun 曹錕: Silver Medal, ND (1923), Obv facing military bust, Rev crossed flags and "紀念", 36mm, with suspension loop and ribbon (L&M 960; Kann pl 189). About extremely fine.
ex Ma Dingxiang 馬定祥 Collection, China Guardian Auction 嘉德 2002 春拍

Estimate: US$400-500