Watch List notes:

People's Bank of China, 1st Series Renminbi, 1949, 20 yuan, serial number I II III 012438, "Brown Liu He Pagoda",(Pick 819a), PMG 64EPQ. Rare lower denomination type in high grade original condition. PMG census 2nd highest grade. Very rare and appealing.

Estimate: HK$170,000.00 - HK$200,000.00