Watch List notes:

CHINA: EAST HOPEI: AE fen, year 26 (1937), Y-516, Japanese Puppet State issue, a lovely mint state example! PCGS graded MS63 BN. The East Hopei government was absorbed into the collaborationist Provisional Government of China in December 1937, then disestablished on February 1, 1938.

Estimate: 100-150 USD