Watch List notes:

BANKNOTES. CHINA - REPUBLIC, GENERAL ISSUES. National Commercial Bank Ltd: Specimen 1-Yuan, 1 October 1923, red serial no.000000, red “SPECIMEN” overprint and punch-hole cancellation, printer American Bank Note Company, extra wide top margin with red no.F7523 and partial test in green “GRIPPER W. L. G. PRESS” (P 517s). Uncirculated and scarce.

Estimate: US$700-900