Watch List notes:

CHINA. Shanghai. 5 Cent Token, ND (1926). PCGS MS-63.
Lec-A4. Obverse: "GOOD FOR FIVE CENTS" around a cut-out of a 5; reverse: "C.G.O.CO.LTD. SHANGHAI", plain edge. Issued by the China General Omnibus Company, presumably for use on its busses. See the Shanghai Historical Museum's Chips and Coupons of Old Shanghai, p. 66, which also depicts one, two, three and 2½ cent tokens.

The French concession was established in Shanghai in 1844 as a result of the Treaty of Whampoa. It was adjacent to the British and American concessions, which were merged in 1863 to form the famous Shanghai international Settlement. The extraterritorial privileges were ended by Japanese occupation in December 1941 but France did not formally surrender her rights until February 1946.

Estimate: $100 - $150