Watch List notes:

French Indochina CU-NI 5 Cents. 1938. Dies by Henri-Auguste Patey. REPUBLIQUE FRANÇAISE, head of Marianne above two cornucopiae flanking central hole, with draped banner "LIBERTE, EGALITE, FRATERNITE" / INDOCHINE FRANÇAISE, denomination divided by central hole, date below wreath. KM 18.1a (thin planchet). 4.00g, 24mm, 6h.

Near Extremely Fine.

From the inventory of a UK dealer.