Watch List notes:

BANKNOTES. CHINA - PUPPET BANKS. Propaganda Note: Surrender Pass , ND (c.1940). , Obv flanked by two facing dragons, Rev dark olive text enticing the Nationalist troops to defect with promises of jobs, travel allowance and safe passage, printed by the Japanese puppet regime of Wang Jin-Wei , 42mm x 73mm. Uncirculated.

Estimate: US$100-150