Watch List notes:

KWEICHOW: Republic, AE ½ cent, year 38 (1949), Y-A429, scarce one-year type, Environmental Damage, PCGS graded EF details, S, ex James Farr Collection. In July 1949, the Nationalist Government introduced the silver yuan, which was initially worth 500 million gold yuan. It circulated for a few months on the mainland before the end of the civil war. This currency reform helps to explain the large size planchet for a half cent denomination.

Estimate: 300-400 USD