Watch List notes:

CHINA / REPUBLIC 2 Chiao (=20 Cents) (ND 1924) in black on multicolor unpt. Pagoda at right on face. S/N: "F 044490". Signature #1. Printed by ABNC. Inside holder by PMG "Very Fine 30 / Staple Holes". (Pick 194a) & (S/M C300-21).