Watch List notes:

Kwangtung Republican Military Government, 1912 Issue.China, $1, P-S3837 (S/M#C270-10), Issued banknote, Brown border on blue orange and red, Hu Ha Min at right, PMG graded Very Fine 25 NET with note of minor paper pulls on the back right paper margin. Attractive note, Printer: CMPA.

Estimate: 9500 - 19000 HKD