Watch List notes:

Swatow Commercial Bonds Association, 1935 Private Issue. Swatow Commercial Bonds Association, 1935 Private Issue.Swatow, $30, P-Unlisted, Issued banknote, Green on m/c with building on river and building on right, back gray-green on light green underprint with shrines on hillside by river, S/N 046491, Choice Fine to VF condition, Another rare note from this series that is seldom seen at auction.

Estimate: 3900-7800 HKD