Watch List notes:

EAST HOPEI: AE 5 li, year 26 (1937), Y-516, CL-MG.161, JNDA-21-5, an attractive mint state example, PCGS graded MS62 BN. The East Hopei government was absorbed into the collaborationist Provisional Government of China in December 1937, then disestablished on February 1, 1938.

Estimate: 75-100 USD