(t) CHINA--REPUBLIC. Bank of Communications Overprinted on The National Industrial Bank of China. 1 Yuan, 1935. P-149. PMG Gem Uncirculated 65 EPQ.
Shanghai, serial number D695819. Red on light orange and blue, galloping horse at left, Bank of Communication stamp over the watermark area. A challenging Pick number in near perfect gem uncirculated grade with fresh looking printing and paper quality. The SOLE TOP POP example in the PMG population report!
From the South West Collection.

民國二十四年交通銀行加蓋於中國實業銀行壹圓。
上海地名，編號 D695819，淡橙色與藍色交織，上印紅色奔馬，左側交通銀行印章，蓋於水印之上。此鈔評級極高，幾近完美，印刷精美，紙張如新。根據 PMG 統計，此鈔為目前評級最高之孤品，彌足珍貴！ (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: $2000.00 - $4000.00