Watch List notes:

People's Bank of China, progressive proof for an 100 yuan, 1999, '5th Series Renminbi', obverse and only overprints, portrait of Mao Zedong at right, bank name at top, emblem at top left, watermark of Mao at left, reverse brown,(Pick 901pp2), PMG 55EPQ. An early production stage proof with overprints of both obverse and reverse designs only. A rare and important proof.

Estimate: 30000 - 50000