Watch List notes:

World Currency
China People's National Salvation Association; Liaoning People's Patriotic Association 1; 10 Yuan 1932 Pick Unl Two Examples PMG About Uncirculated 50; PMG Extremely Fine 40 Net. Two excellent and scarce military issues are included in this lot. In December 1931, the Battle of Jinzhou began, as Japanese forces continued their exploits throughout Mainland China. These two bonds functioned as banknotes in Liaoning to fund military operations there to defend the region against the Japanese Military expansion. Stains are mentioned on the 1 Yuan, repairs and added pieces are seen on the 10 Yuan. A scarce pair of seldom seen military notes. https://currency.ha.com/itm/world-currency/china-people-s-national-salvation-association-liaoning-people-s-patriotic-association-1-10-yuan-1932-pick-unl-two-e/a/4040-23285.s?type=DA-DMC-CoinArchivesCurrency-WorldPaperMoney-4040-12062022 HID08706262019 © 2022 Heritage Auctions | All Rights Reserved

Estimate: 800-1200 USD