Watch List notes:

CHINA, Republic of China. Provincial issues. 1912-1949. AR Half Yuán – 50 Cents (33mm, 12.51 g, 12h). Yúnnán province. Kūnmíng mint. Dated year 21 of the Republic (AD 1932). Crossed flags / Legend in Hànzì characters. L&M 430; KM (Y) 492. In NGC encapsulation 6461772-007, graded AU 53.