Watch List notes:

KIANGNAN: Kuang Hsu, 1875-1908, AR 20 cents, CD1901, Y-143a.6v, L&M-238v, variety with MACE misspelled as 'MACN', VF, RR, ex B. A. Seaby, ex Montgomery Collection. This is the only example of this curious type we can find. It is not published in Kann, Krause, or Ming. Likely a local private issue or Warlord imitation.

Estimate: 125-150 USD