Watch List notes:

Kwangtung Republican Military Gov., 1912 Issue Banknote. Kwangtung Republican Military Gov., 1912 Issue Banknote.Kwangtung, China. 5 Chiao=50 Cents, P-S3836, S/M#C270-2, Issued banknote, Hu Han Min at right, crossed flags at center, Black, orange and olive green on blue undertint, back blue, PMG graded About Uncirculated 55 NET with note of rust on a small spot on the bottom margin, Printer: CMPA. The finest of 2 graded in the PMG census.

Estimate: 6200-12400 HKD