Watch List notes:

(x) Hong Kong & Shanghai Banking Corporation, specimen $10, Chefoo, 1 September 1922, serial number 00000, blue on green and yellow underprint, lace maker at left, arms at centre-right, value at right and at each corner, reverse blue and yellow, bank buildings at left and right, CANCELLED perforation, (Pick S317s), mounting traces on reverse, in PMG holder 53 about uncirculated, rare.

Estimate: £2,000 - £2,500