Watch List notes:

Peoples Bank of China, 1948 Issue Banknote. Peoples Bank of China, 1948 Issue Banknote.China, 1948, 5 Yuan, P-802a, (S/M#C282-2), Block 213, S/N 04486873, Issued banknote, Gray-green with sheep at left, back same color, extremely conservatively PMG graded Choice Very Fine 35 EPQ but for all appearances it should be graded Choice XF to AU. There are no evidence of folds and only light toning on the right border and two very lightly jammed corners that keep this very attractive note from Choice AU to Unc.

Estimate: 3100-6200 HKD