Watch List notes:

China. Lot of Japanese Puppet state issues. Manchukuo. Fen, TT 3 (1934), Chiao, TT 2 (1933); red fiber Fen, KT 12 (1945) and 5 Fen, KT 11 (1944); East Hopei 5 Fen, Chiao, and 2 Chiao, year 26 (1937); Provisional Government, Federal Reserve Bank. Fen and Chiao, year 30 (1941); Reformed Government. 10 Fen, year 29 (1940); Meng-Chiang. 5 Chiao, year 27 (1938). The red fiber 5 Fen Fine, the others VF-EF. (11).

Estimate: $60 - $90