(t) CHINA--REPUBLIC. Central Bank of China. 5 Cents, 1949. P-431.

(t) CHINA--REPUBLIC. Central Bank of China. 5 Cents, 1949. P-431. S/M#C304-4. PMG About Uncirculated 53. Tsingtao. Scarce fractional note that is the SOLE example in SECOND HIGHEST GRADE. Only one other note grades higher in 58. Estimate: $400 - $700. Provenance: From the Renaissance Collection of Central Bank of China. 民國三十八年中央銀行伍分。 青島地名。少見輔幣票，為唯一亞軍分。僅有一枚獲更高之58分。 (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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