Watch List notes:

BANKNOTES. CHINA - REPUBLIC, GENERAL ISSUES. Bank of Communications: Uniface Obverse and Reverse Proof 50-Cents, 1 January 1915, black, ship at left, punch-hole cancelled and mounted on card stock, ABNC Archive Proofs (P 121). Light smudge around lower right corner of the Reverse Proof, uncirculated and rare.
(2pcs)

Estimate: US$1,200-1,500