Watch List notes:

MALAYSIA: red vulcanite 25 cents (2.55g), ND, SS-- (p.409), name of company // denomination in Chinese, English and Malay, EF, RR. The Cowie Harbour Coal Company at Silimpopon in Kalabakan (Borneo) was founded in London in 1905, peaked in the 1920s, then failed and filed for voluntary liquidation in 1937. The vulcanite tokens were produced in 10c, 25c, 50c, and $1 denominations. A similar example sold in Stephen Album Auction 27, Lot 1053, for $1900.

Estimate: 600-1,000 USD