Watch List notes:

Frontier Bank, China, obverse and reverse proof for 5 yuan, 1925, no serial numbers or signatures,(Pick S2571p1, 2), PMG 63 (small tears), 63 (small tears, minor stains), Ex ABNC archive, these were not sold in the auction back in the 1990s. Scarce proof form without perforation or any overprints, scarce.

Estimate: 2000 - 3000