Watch List notes:

MANCHUKUO: K'ang Te, 1934-1945, 1 chiao, year 6 (1939), Y-8, JNDA-20.1, Japanese Puppet State copper-nickel issue; with lovely prooflike surfaces, PCGS graded MS64, RR. In 1931 Japanese troops seized territory in Manchuria following the Mukden Indicent. A pro-Japanese government was installed one year later, and the last Qing emperor Puyi was given the title of Chief Executive of Manchukuo. He would later be proclaimed Emperor of Manchukuo in 1934. The empire was abolished in 1945 at the conclusion of World War II.

Estimate: 2,000-3,000 USD