Watch List notes:

CHINA. Souvenir Dollar, Year 3 (1914). PCGS Genuine--Graffiti, VF Details.
L&M-63; KM-Y-329. An evenly worn and gray toned Dollar, with a large number of characters inscribed along the lower obverse periphery "昭和十五年一月五日海南島上陸紀念" (Commemorating the landing on Hainan Island on February 9, Showa 15th year [1940]).

During the second Sino-Japanese War, the strategic island of Hainan, mid-way between French Indo-China and Hong Kong south of the Leizhou Peninsula, was important to the Chinese supply lines. The Hainan Island Operation, commanded by Vice Admiral Kondo Nobutake, commenced on the north shore of the island at midnight on 9 February 1939 with a successful landing. Over the next couple days, several more successful landings at Haikou on 10 February and Samah on 11 February took place occupying key positions. Facing certain defeat, Nationalist forces evacuated all civilians to the safety of the Wuzhi mountain range, where they were met with stiff opposition from ethnic Li highlanders. Ultimately, the native Li people and the Communists joined forces, utilizing guerrilla tactics against the Japanese.

Estimate: $100 - $200