Watch List notes:

KIAUCHAU: Wilhelm II, 1898-1914, 5 cents, 1909, Y-1, J-729, Deutsche Kiautschou Gebiet // Chinese inscription dà dé guó bao at center, qing dao above, PCGS graded AU53. 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: 150-250 USD