Watch List notes:

BANKNOTES, CHINA Republic. Mercantile Bank of India Ltd. 10-Dollars, 1916 (Pick S443; S/M S54-4). In PMG holder graded Choice Fine-15 Net, Adhesive, Ink, Splits, with ink inscription and stamp on both sides, several major creases in the middle, but the details, are still very well presented, especially the waterfront scene in the centre, stains and splits as expected for the grade. A rare and popular piece even in low grades.

Estimate: $ 2,500