Watch List notes:

VIET NAM (NORTH): 5 hao, 1946, KM-2.2, Lec-4, struck in aluminum, value in relief, a superb quality example! PCGS graded MS65. Howard Daniel III believes that the 5 Hao type with value in relief were minted in Shanghai by the Chinese Communists for the Viet Minh in the mid to late 1950s and they were used by the Vietnamese Communists as presentation coins; they retained the date 1946. Not all of them might have been shipped to Viet Nam. It is very possible the excess were found at the mint and are being disposed of onto the numismatic marketplace as this type is nearly always found in uncirculated quality, while the value incuse type is rarely found in high quality and was likely struck locally in Vietnam for circulation.

Estimate: 100-150 USD