Watch List notes:

(x) The Bank of East Asia, specimen $50, Shanghai, 1.1.1924, specimen number 460, red on light green underprint, city view at centre, red 'SPECIMEN WATERLOW & SONS LTD' at left, reverse red, bank building at centre, red 'SPECIMEN WATERLOW & SONS LTD' overprinted on left and right denominations, punch hole cancelled,, (Pick S303Ds1), in PMG holder, previously mounted, 55 About Uncirculated, rare.

Estimate: £2,000 - £3,000