(t) CHINA--PROVINCIAL BANKS. Industrial Development Bank of Jehol.

(t) CHINA--PROVINCIAL BANKS. Industrial Development Bank of Jehol. 10 Yuan, 1925. P-S2188a. S/M#J1-72a. PMG Choice Uncirculated 64 EPQ. Signed by P.C. Pao. A neat and fresh looking note. Scarce in the higher grades and only surpassed in grade by just five examples. Estimate: $360 - $500. Provenance: From the Yang Ai Hao Collection. 民國九年興業銀行及熱河興業銀行匯兌券壹圓及拾圓。 鮑寶慶簽名。品相整潔鮮亮之紙鈔。高評級少見，評級僅次於五枚。 (t) This lot was manufactured in China (including Hong Kong), Russia or Republic of Belarus and was sourced from outside the United States for this auction after tariffs were enacted by the United States. Accordingly, as of February 27, 2026, any client who wishes to take delivery of this item within the United States will be subject to a 7.5% import tariff for China manufactured items, and a 35% import tariff for Russia or Belarus manufactured items. In addition a processing fee of 0.3464% (minimum $33.58 / maximum $651.50) will apply. 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.

Estimation:€0.89

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