Watch List notes:

CHINA--FOREIGN BANKS. Banque Industrielle de Chine. 10 Mexican Dollars, Swatow, 1 - 10 - 1915. Pick S-397F. PMG Choice Very Fine 35.
Bold SWATOW MEXICAN DOLLARS overprint revaluation diagonally in red on S-397. Red strike through Shanghai branch name with overprinted SWATOW in black below, flanked by chinze at left and right. Printed by Bradbury, Wilkinson & Co.

No Swatow branch or Mexican Dollar revaluations from Banque Industrielle were known to Smith/Matravers, published sixty years after the issue date of this note. Contrary to the inaccurate notation in SCWPM at Pick S-397F, number C254-3d does not exist in S/M. There are only C254 a,b,c numbers in S/M, which refer only to the regular issues of $10 for Peking, Tientsin, and Shanghai, not to either Swatow or Mexican Dollar overprints.

A rare note in issued form, the first we have handled in quite some time and the finest of any we offered. Only one finer example appears in the PMG population report, which has a mere six issued examples. A high VF, with strong paper quality and all-over sharp color and detail. PMG mentions a "minor foreign substance," which is negligible. One in similar grade fetched $11,400 in our January 2018 sale, but that example showed with small stains and more toning and handling than this one. PMG Choice Very Fine 35.

Provenance: The Nuevo Mundo Reference Collection of World Paper Money

Estimate: $10000.00- $15000.00