Watch List notes:

TONKIN: French Protectorate, 1/600 piastre, Paris, 1905, KM-1, PCGS graded MS64. Tonkin was a French protectorate since the Sino-French war of 1885, which later became part of North Vietnam. It only issued one coin - commonly known as the sapèque (or cash), it was supposed to replace the Vietnamese and Chinese cash coins that largely circulated in the region. It was issued in the style of a cash coin, round with a square hole. They proved to be unpopular with the locals and the majority of the mintage was never put into circulation.

Estimate: 50-75 USD