Watch List notes:

PENANG: tin cent (pice) (37.35g), ND, KM-8, SS-22b, "GL" in script for Governor George Leith within circle, countermarked with Chinese character "yuan" meaning first or original, uniface issue, diameter 42mm, thickness 4mm, VF. An emergency coinage issued by the Prince of Wales Island Colony under British East India Company rule and cast in Penang circa 1800-1803. The Chinese countermark was made by the treasury or a bazaar shroff as a guarantee of quality and weight. Major General Sir George Alexander William Leith, 2nd Baronet KCB (1766–1842) was the first Lieutenant-Governor of the Prince of Wales' Island Colony (Penang Island), and served in that position from his arrival in 1800 until 1804.

Estimate: 2,000-2,500 USD