Watch List notes:

National Commercial Bank Limited, China, 1 yuan, 1907, Shanghai, serial number 035254, (Pick 516Ab), PMG 30 very fine, minor rust. A rarely seen late Qing Dynasty issuer, with this being its first series of banknotes. An elusive series that was printed in China, both specimens and issued notes are scarce. The 5 and 10 yuan from this series have previously been seen in China auction houses, both either repaired or in inferior condition. This example only have minor comments of rust, otherwise complete original. Remarkable example and one of only two on PMG Census. Very rare.

Estimate: HK$100,000.00 - HK$150,000.00