Watch List notes:

International Banking Corporation, 1918 "Tael" Issue Proof Face and Back Banknotes.Shanghai Branch, China. 1918, 10 Taels, P-S426p (S/M#M10-32), Front and proofs printed on india paper mounted on large card, Black and m/c face and gray-black back, Screaming eagle flanked by globes on front and back, the proof appears CU but it has been lifted partially from the card backing causing an internal tear on the lower middle near one of the POC's and there is a small piece wrinkled on the lower left corner of the note. The back would grade Gem Uncirculated. Rare Shanghai "Tael" issue banknotes rarely seen in any format. There were only 4 proofs of the 10 Tael in the Christies 1991 ABN Archives sale. Rare.

Estimate: 12000 - 20000 HKD