Watch List notes:

China, Republic. Yunnan Province AR 20 Cents. Dated year 21 = 1932. Crossed flags; year of the Republic of China above / Four Chinese ideograms read top to bottom, right to left, all surrounded by more ideograms. Yeoman 491; L&M 431.

NGC graded AU 55 (#6671164-006). Scarce.

From the inventory of a UK dealer.