CHINA: Changzhou Tokens, AE 5 cents, ND (1939-41), issued by Wan Cheng of Zhaiqiao Village, uncertain character (containing the Suzhou numeral 5), village and business names to right, linshi liutong ('temporary circulation') to left // counterstamped character hào with hand-punched serial number 1761, a few small punchmarks on reverse, EF. After the fall of Shanghai, the city of Changzhou fell to the rapidly advancing Japanese army on Nov. 29, 1937. After months of carnage and destruction, survivors returned to the city by the end of 1938 and encountered an acute shortage of coins due to the closure of the Central Mint in Shanghai. Local merchants thus began issuing copper tokens, as well as paper vouchers and tally sticks, in order to facilitate commercial transactions. Over the next two years, a plethora of varieties were issued by businesses across the city. This practice was finally put to an end by the Wang Jingwei regime and replaced with the Central Reserve Currency.

Estimate: USD 80 - 120