Watch List notes:

KIAUCHAU: Wilhelm II, 1898-1914, 5 cents, 1909, Y-1, J-729, Deutsche Kiautschou Gebiet // Chinese inscription dà dé guó bao at center, qing dao above, lustrous, a lovely toned example, PCGS graded MS63. The administrative center of the territory was located at Tsingtau. A brewery was established in 1903 by German settlers (Tsingtao Brewery Co.) and still exists today as China's second largest brewery.

Estimate: 150-250 USD