Watch List notes:

KIAUCHAU: 10 pfennig, ND (1910), Menzel-4287.1.2, nickel-plated brass token, uniformed bust of Friedrich Wilhelm Voigt, the "Captain of Köpenick", facing forward // initials P.H. at center, WERT-MARKE 10 PFG. around, light oxidation spots, AU The Kiautschou Bay concession was a territory leased by the Germans in Imperial and Early Republican China, lasting from 1898 to 1914. The administrative center of the territory was located at Tsingtau. A brewery was established in 1903 by German settlers (Tsingtao Brewery Co.), and still exists today as China's most famous brewery.

Estimate: 400-600 USD