Watch List notes:

Hang Fat Chong, $1, specimen, Swatow, 1914, black on green, aerial view of a town at upper cente, denomination at each corner, reverse orange and black, eagle perched on globe at left, Chinese version of Mercury at right,PMG 40 Extremely Fine (Previously Mounted). Unusual to label 'One Dollar' as 'Ten Chiao'.

Estimate: 7000 - 15000