CHINA, Tokens. Shanghai. Hall & Holtz Ltd. (Zhang Fuli Gongsi), bakery and department store. NI 'One Loaf' Bread Token (31mm, 12h). Heaton mint. Issued circa 1900-1925. HALL & HOLTZ LTD/ ONE LOAF/ SHANGHAI. Number 3292 stamped over central hole / Fu li ko mian bao (Hall & Holtz. One piece dough bundle) in Hànzì characters. Pridmore 327. In NGC encapsulation graded AU 50, incorrectly identified as Pridmore 328.
Hall & Holtz was the first foreign-style bakery established in Shanghai. They later expanded their operation to include drapery, outfitting, and furniture sales. The business was acquired by J. Neil in 1925, who then countermarked these tokens with the letter N.