Watch List notes:

MANCHURIAN PROVINCES: brass badge (9.67g), ND [1923-1929], 27mm, worker's badge for the Mukden Cotton Mill (fengtian fangshachang) in Mukden, Fengtien (Shenyang, Liaoning), badge number 1785, lightly bent, Choice VF. Established in 1921 at the behest of the warlord Zhang Zuolin, the Fengtien Cotton Mill imported US-made machinery and began production in 1923. It was renamed the Liaoning Cotton Mill in 1929 and underwent further name changes under successive Japanese, Nationalist and Communist administrations. Its original Western-style building has survived to this day and is now the site of the Museum of Northeastern Modern Textile Industry (dongbei jindai fangzhi gongye bowuguan).

Estimate: 75-100 USD