(t) CHINA--REPUBLIC. Bank of Communications. 50 Yuan, 1.10.1914. P-119c. PMG Gem Uncirculated 66 EPQ.
Shanghai. Serial number 199761. Orange and blue, steam passenger train at centre, reverse orange, masted ship at centre. A fresh gem note with bright colours. In SECOND HIGHEST GRADE, with only one note higher in 67-EPQ.
From the South West Collection.

民國三年交通銀行伍拾圓。
上海地名。編號 199761，橙色與藍色相映成趣，中央印有蒸汽火車，背面則為橙色，中央為桅杆帆船。此鈔品相極佳，色彩鮮艷，評級位列第二，僅次於 67-EPQ 評級之孤品，實屬難得。 (t) On September 1, 2019, the United States enacted new tariffs on collector's items of Chinese origin, including bullion and numismatic coins and banknotes. This lot was manufactured in China and was sourced from outside the United States for this auction after the tariffs were enacted. Accordingly, any client who wishes to take delivery of this item within the United States will be subject to a 7.5% import tariff plus a processing fee of 0.3464% (minimum $31.67 / maximum $614.35). Please note, this is not, and is not intended to be, a complete description of the applicable import tariffs and buyer remains fully liable for and agrees to promptly pay all tariffs and fees relating to the import of these items into the United States and neither the auctioneer nor any consignor will have any responsibility to pay any applicable tariffs or fees. Please consult your tax adviser with any questions. Furthermore, any lots subject to an import tariff will be shipped directly from our Hong Kong offices and shipments to the United States will be subject to our international shipping chart.

Estimate: $2800.00 - $4000.00