Watch List notes:

Commercial Bank of China , 1920 "Shanghai Tael Issue" Issued Note Rarity. Commercial Bank of China , 1920 "Shanghai Tael Issue" Issued Note Rarity.Shanghai. 5 Taels, P-A135a. Extremely rare Issued Banknote. Yellow-orange on m/c, Confucius standing at center, back is blue black instead of listed purple, S/N A012446, PMG graded Choice Fine 15, This is the only example of an issued Tael note from this series in PMG's census. Extremely rare to find issued. First time seen by cataloger in this form. ABNC.

Estimate: 11600-23300 HKD