Watch List notes:

Swatow Commercial Bonds Association, 1935 Private Issue. Swatow Commercial Bonds Association, 1935 Private Issue.Swatow, $20, P-Unlisted, Issued banknote, Brown on m/c with bridge, river and building on left, back brown on red underprint with shrines on hillside by river, S/N 103908, Choice Fine to VF condition, Rare note that is seldom seen at auction.

Estimate: 3900-7800 HKD