Watch List notes:

Hong Kong International Reply Coupon, 1947 Issue.Hong Kong, May 1, 1947, Issued and Uncancelled coupon for 45 cents (40 cents is crossed out and it was Êreissued for 45 cents in middle), Blue on light yellow face with ornate text and design, back with blue text on white. AU-Uncirculated condition. Scarce early postal and currency related item. An international reply coupon was utilized for sending small amounts of money overseas versus sending envelopes filled with change. They could be reimbursed at the post office and possibly even circulated as money until they were redeemed.

Estimate: 600 - 1200 HKD