Watch List notes:

YUNNAN: Republic, AR tael (liang), ND (1943-44), KM-A3, L&M-435, struck for use in the French Indo-China opium trade, small stag's head // denomination in Laotian and Chinese, a superb example with light colorful tone and brilliant luster! NGC graded MS63.

Estimate: 3,300-3,500 USD