Watch List notes:

(t) CHINA--PROVINCIAL BANKS. Kwangsi Bank. 5 Yuan, 1909. P-S2346. PMG Choice Fine 15 Net. Repaired, Severed & Reattached.
(S/M#K36). This is an exciting opportunity to acquire one of the most desirable and coveted pieces of World Paper. Among the most significant Chinese pieces in all of numismatics, this "Black Dragon" note is the sole graded on PMG's census and without question the finest & only example we have ever handled for this denomination. The design features facing black dragons protecting a vignette of five 1 Dollar Kwangsi coins. The pearl of wisdom is found at upper center. The back of the note features a green border design, with characters at center.

The incredible history of the note can be traced back to when the Qing Dynasty changed the structure of both Imperial Banks and made Kwangsi the first province to establish their own bank. The printing of the note took place in Japan. The notes were only in circulation for 2 years, and after being summoned back at that time, so few have survived. Those that have typically disappear into elite collections and in some cases have never resurfaced. This special note will likely fall into the hands of the most fortunate of collectors and will likely be a talked about treasure for years to come. PMG comments "Repaired, Severed & Reattached." PMG Pop 1/No Others Graded.

Estimate: $100000 - $150000