Watch List notes:

SHANGHAI: Republic, AE medal, 1922, 39mm, CHINESE GOVERNMENT MINT / SHANGHAI / CHINA / 1922 // BUILDERS / WATERBURY / FARREL FOUNDRY & / MACH. CO. U.S.A. / AMERICAN / TRADING CO. / AGENTS, black spot on obverse, ex Dr. Axel Wahlstedt Collection. Bronze mint trial piece from a dollar coining machine struck by Waterbury Farrel Foundry & Mach. Co. U.S.A. for the Shanghai mint.

Estimate: 75-100 USD