Watch List notes:

(x) Compagnie Française de Tramways et d'éclairage Electriques de Shanghai, French Company of Tramways and Electricity, 3 cents overprinted on 5 cents, 1939, serial number 355 black on salmon underprint,(Kolsky 823), perforated margin, ticket used on the Shanghai tram system built by the French during Shanghai French Concession, the highest rarity of 'R6' stated by Kolsky, uncirculated.

Estimate: £350 - £400