Watch List notes:

BANKNOTES, CHINA Republic. Banknote Portrait Vignette Patterns of President Yuan Shi-Kai as used on various banknotes (3), undated (c.1914-1916). Three small vignettes pasted on a large hardboard envelope with red ink annotations. Printed by ABNC. First vignette is of the portrait designed for Salt Industrial Bank, numbered as "Special C-422". The other two vignettes are patterns ordered by the Bank of China (which functioned as the central bank at the time), they are numbered "Special C-425" and "Special C-396" (later changed to "V42505"), the second was later used on the Bank of China banknotes. A group of modern notes which demonstrate the use of these vignettes are included in the lot (Pick -). All very well preserved, generally extremely fine to about uncirculated. (3)
The Salt Industrial Bank was founded in 1914 by President Yuan Shih-Kai's sister-in-law's brother Zhang Zongfang. This design with the president's military bust right was ordered in 1915 by Zhang and was supposed to be used on the notes the following year. However, the president died in 1916 with a ruined reputation and therefore this design was abandoned.

Estimate: $ 3,000