Watch List notes:

Central Bank of China, 1948 Issue Specimen. Central Bank of China, 1948 Issue Specimen.China, 50 Yuan, P-404 (S/M#C302-42), Unlisted Specimen banknote, Black on m/c, CKS in middle, S/N 2C 000000, Red Specimen oval in middle "Specimen De La Rue Cancelled", back gray-green with Yangtze Ganges at center, PMG graded Extremely Fine 40 NET with note of lightly previously mounted, the note appears in Choice Uncirculated but there are 4 very light vertical folds due to previous archival storage, otherwise bright colors, Sharp corners and large even margins only adds to this note. Rare note in any condition. TDLR. This is the only example listed in the PMG census, Population "1".

Estimate: 7000-14000 HKD