Watch List notes:

EAST HOPEI: Autonomous Council, 1935-1938, 5 fen, year 26 (1937), Y-518, Japanese Puppet State issue, a fantastic example! PCGS graded MS66. The East Hopeh government was absorbed into the collaborationist Provisional Government of China in December 1937, then disestablished on February 1, 1938.

Estimate: 150-250 USD