Watch List notes:

1910 5% Tientsin-Pukow Railway Loan, £20 issued by Deutsch-Asiatische Bank , 2 RESERVE STOCK without folio numbers, large format with ornate green border, pale purple underprint and purple, text in German and Chinese, red chops below, with couponsalmost uncirculated. Small cancellation hole towards the lower portion of the note. (2).

Estimate: HK$600 - HK$1,000