China
Kwangsi-Kwangsea. Republic 20 Cents Year 38 (1949) AU50 PCGS, L&M-176, Kann-755, KM-Y416. Elephant nose hill at Kweilin. Lustrous and well struck, with no major flaws. A conditionally rare issue with only two examples certified finer by PCGS and NGC combined.
Estimate: 6000-7000 USD