CHINA. Szechuan. Copper Horse Gaming Token, ND (ca. 1912). PCGS AU-55 Gold Shield.
CL-SCM.12a var. (white metal). Though listed on the holder as SCM-12, this example is clearly the more difficult of the two types--SCM-12a--featuring a larger central circle on the reverse as well as fewer berries in the wreath. CL only lists 12a in white metal, making this red copper specimen easily on par with the EXTREMELY RARE level-3, or quite possibly even more so.
Estimate: $1500.00- $2500.00