Watch List notes:

Macau Japanese Administration WWII 20 Avos ND (1944) Pick 20 Schwan-Boling 163
A locally printed emergency issue, with this piece grading PMG About Uncirculated 55 EPQ. Macau remained neutral in World War II up until September 1943. That month saw the Japanese demand the installation of "advisers" as the alternative to military occupation. Macau thus became a Japanese protectorate.