Watch List notes:

China. Qing Dao, Kwiechow Province, Yu Heng Qing Bank. 1923. 1 Cent. Blue-gray on light red underprint. Lions on either side of an ornate central frame on the front. Man in circular frame at the center of the light red back. Red serial numbers 007858. Not in Pick, and the first this cataloger has seen. Uncirculated. Just a trace of teller handling. With a small paper clump, probably as made, in the bottom margin on the back.

Estimate: $500.00 - $750.00