Watch List notes:

BANKNOTES. CHINA - PUPPET BANKS. Propaganda Note: 10-Cents, ND (c.1940), portrait of Wang Jin-Wei at right, issued by the Japanese Expeditionary Army in China to entice the new recruits of the Nationalist Army to defect with their weapons, exchangeable for equivalent in Federal Reserve Bank of China note, on reverse. Choice about uncirculated and rare.

Estimate: US$1,000-1,200