Watch List notes:

COINS, 錢幣, CHINA - PUPPET STATES, 中國 - 中國 – 日偽政權, Japanese Puppet States, Meng Chiang Bank 蒙疆銀行: Off-metal Strike Aluminium 鋁 5-Chiao (2), Year 27 (1938), instead of issued copper-nickel, not issued (KM Y521 for type). Extremely fine with heavy oxidation and about uncirculated, peripheral oxidation.
(2pcs)

Estimate: US$200-250