China, 1933. 20 Cents, P-S1133 S/M#C103-20, Issued Banknote. Red printing with pagoda and shoreline at right. S/N J112411. Printer: TTBC. PMG graded Choice Fine 15 with comment "split repairs." There are only 3 graded examples in the PMG census of this note, all graded PMG Choice Fine 15 or Fine 20. Rare note in any condition with only 3 offered at auction since 2013.
Estimate: $180-280