Watch List notes:

Imperial Chinese Government 1905 5% Gold Loan, Qing Dynasty, China, 500 francs bond, for the Pien Lo Railway, number 31080, vertical format, brick red pagoda borders, pale brown underprint, French text, two large seal signature at bottom left and right, countersigned by La Banque de L'Indo-Chine, with two coupons Very Fine to About Extremely Fine, tape and tape stains at right.

Estimate: 700 - 1300