Watch List notes:

EAST HOPEI: AE 5 li, year 26 (1937), Y-516, Japanese Puppet State issue, a wonderful quality example! PCGS graded MS64 RB. The East Hopeh Government was absorbed into the collaborationist Provisional Government of China in December 1937, then disestablished on February 1, 1938.

Estimate: 100-200 USD