Watch List notes:

CHINA: 1 cent token, ND (1939), Lec-2, China General Omnibus Co. aluminum token, Third Series, bus going left, hollow wheels variety with initials JDS on reverse, PCGS graded MS62. "C.G.O.Co.Ltd", the China General Omnibus Co. Ltd., was a British-owned bus company and was established in Shanghai in 1922. However, some sources of information state that the company was established in 1924. The company was registered in Hong Kong, but all of its business was done in Shanghai. The company was founded by J. A. Fredericks, a British citizen. The company's first line opened to the public in October of 1924. The initials JDS stand for J.D. Shatler who was the General Manager of the company. The aluminum tokens were not issued primarily for use by the bus system. They were issued for general circulation as small change during a shortage of small change in Shanghai after the Japanese occupation. Many other privately issued tokens were produced at that time for the same reason. In the China Journal for March 1940, there is an article titled "Small Money" by H. Crozier Fauldner about the tokens being issued in Shanghai for small change. He mentions the aluminum bus tokens as having been issued, not really for use as a bus token, but for use as small change, due to the disappearance of real coins after the Japanese occupied Shanghai. Many businesses issued metal tokens or paper scrip at that time, in values of 1, 2, 5 and 10 cents, for use as small change. Since the article was published early in 1940, it is suspected the aluminum tokens were made in 1939, and certainly before March 1940.

Estimate: 75-100 USD