China, Zhōnghuá Mínguó (Republic of China). Sun Yat-Sen AR Yuán - "Junk" Dollar. Dated year 23 = 1934. 年三十二國民華中, bust to left / Two-masted ship (a junk) sailing to right; denomination flanking. KM Y345; L&M 109.
NGC graded MS 62 (#6320087-016). Lustrous.
From the inventory of a UK dealer.