Watch List notes:

KIAUCHAU: William II, 1898-1914, 5 cents, 1909, Y-1, Jaeger-729, Deutsche Kiautschou Gebiet // Chinese inscription dà dé guó bao at center, qing dao above, lustrous, PCGS graded UNC details (cleaned). The administrative center of the territory was located at Tsingtau. A brewery was established in 1903 by German settlers (Tsingtao Brewery Co.), and still exists today as China's second largest brewery.

Estimate: 110-130 USD