Watch List notes:

EAST HOPEI: Autonomous Council, 1935-1938, 1 chiao, year 26 (1937), Y-519, Japanese Puppet State issue, PCGS graded MS64+. The East Hopeh government was absorbed into the collaborationist Provisional Government of China in December 1937, then disestablished on February 1, 1938.

Estimate: 100-150 USD