Watch List notes:

SHANGHAI: 5 cent token, ND (1926), Lec-A4, Numista-74530, 2nd series, made in copper-nickel, "5" at center with the field punched out, GOOD FOR / FIVE CENTS around // C. G. O. CO. LTD / SHANGHAI, PCGS graded MS63. The China General Omnibus Co., Ltd. was a British-owned bus company established in 1923 by H. E. Arnhold, a prominent British businessman and one-time chairman of the Shanghai Municipal Council. The company was registered in Hong Kong but operated exclusively in Shanghai, where it opened to the public in October of 1924. It initially comprised six vehicles and serviced a single 6km route between the Bund and Jing'an Temple within the International Settlement. The company was later acquired by the Sassoon family and expanded to about 20 routes with a total distance of more than 100km. It continued to operate until 1941 due to the looming threat of war and eventually underwent liquidation in 1947.

Estimate: 75-100 USD