Watch List notes:

EAST HOPEI: Japanese Occupation, 2 chiao, year 26 (1937), Y-520, Japanese Puppet State issue, a superb example with bright luster! PCGS graded MS65+, ex Don Erickson Collection. The East Hopei government was absorbed into the collaborationist Provisional Government of China in December 1937, then disestablished on February 1, 1938.

Estimate: 125-175 USD