Watch List notes:

NETHERLANDS EAST INDIES: AE keping, AH1411, KM-Tn3, Singapore Merchants token, Jawi legend tanah melayu (Land of the Malays), rooster right // barbarous Jawi legend, lovely toned example! PCGS graded MS64 BR, ex Dr. Axel Wahlstedt Collection. Singapore merchant tokens circulated in the Netherlands East Indies, as that was the intention of the issuers. These were forbidden to circulate by the Dutch authorities (though they didn't offer an alternative, so the ban had no effect) and have evasive inscriptions, notably dates and region names. All circulated indiscriminately among the islands as well as in Singapore, regardless of the area name on them and regardless of whether the area is today in Indonesia or Malaysia.

Estimate: 100-150 USD