Watch List notes:

BANKNOTES. CHINA - REPUBLIC, GENERAL ISSUES. Bank of China: Uniface Obverse Proof 5-Yuan, 1 July 1925, (Fengtien) Mukden, Manchuria, orange, unperforated and mounted on card stock, ABNC Archive Proof (P 65B). Uncirculated and very rare.

Estimate: US$2,000-2,500