Watch List notes:

BANKNOTES, CHINA Republic. Union Preparation Bank. 20-Cents Printers Essay, undated. Women on the left, dragon on the right, red specimen counterstamps in Chinese characters. Printed on watermarked paper with wide margins and a colour bar at the top (Pick -). In PMG holder graded Gem UNC-66 EPQ, Note Unaffected by Issues in Selvage, a beautiful obverse proof design and a handsome specimen of this Japanese puppet issue.

Estimate: $ 3,500