Watch List notes:

CHINA: NORTH CHINA: Reformed Government of China, 10 fen, year 29 (1940), Y-522, PCGS graded MS64. The Reformed Government of the Republic of China was a Chinese puppet state created by Japan that existed from 1938 to 1940 during the Second Sino-Japanese War. Due to the extensive powers of the Japanese advisors within the government and its own limited powers, the Reformed Government was not much more than an arm of the Japanese military administration.

Estimate: 40-60 USD