Watch List notes:

(t) CHINA. Manchukuo. Gold Tael, ND (1932). NGC Unc Details--Removed from Jewelry.
L&M-1067; Fr-Unlisted; K-1595; KMX-1.2; WS-1346. Variety with reverse design at bottom. Produced as a specie reserve for the Bank of Manchukuo, the central bank in the Japanese puppet state that was created after the 1931 Japanese annexation of Manchuria. A RARELY seen type, examples of this ingot often come with problems with this example having once spent time in jewelry. Despite this, the surfaces are still brightly golden, with a twinkle and sparkle to them. Though claimed to be 1000 fine, this is perhaps a statement of hubris on the part of the assayer, given that gold has never been refined to absolute purity. An intriguing piece that is certain to command much respect.

The Bank of Manchukuo was established in 1932 in the Japanese occupied provinces in Northern China. A major aim of the Bank was to introduce a standardized currency, which they took up almost immediately. The bank initially had sufficient gold reserves and consistently paid a 6% dividend to investors. The Bank continued until the end of the Second Sino-Japanese War, by which time the economic situation had deteriorated into rapid inflation in Manchukuo.

Estimate: $8000 - $12000