Watch List notes:

The Chao Chow and Swatow Railway Co. Ltd Railway Bond, 20 cents, specimen, Swatow, undated, late Qing/early Republic of China era, blue on orange, portraits of Cheong Yuk Nam and his brother Cheong Hong Nam, reverse blue, steam locomotive at centre,PMG 62 Uncirculated (Printer's Stamp, Stains, Edge Damage). The Chao Chow and Swatow Railway was the first line entirely financed and managed by Chinese merchants and as such as historical milestone. A rare Hong Kong Printing Press specimen..

Estimate: $25,000.00 - $40,000.00