Watch List notes:

China, Empire. Yunnan AR 50 Cents. Dated Year 21 = 1932. Chinese text above beaded circle with crossed flags / Rosettes separate legends above and below central beaded circle with four Chinese characters and flower centre. KM 492.

NGC Graded AU Details, Cleaned (#5879442-016).

From the inventory of a UK dealer;
Ex Roma Numismatics Ltd, E-Sale 77, 26 November 2020, lot 1642.