(t) CHINA--REPUBLIC. Ningpo Commercial Bank. 5 Dollars, 1.9.1920.

(t) CHINA--REPUBLIC. Ningpo Commercial Bank. 5 Dollars, 1.9.1920. P-541cts. S/M#S107-12. Color Trial Specimen. PMG Choice Uncirculated 64. Shanghai. An extremely rare colour trial in jet black on the obverse and brown on the reverse, with exactly the same design as the true colour specimen. Only four examples graded by PMG at the time of writing, not surprising given the scarcity of these colour trials in the marketplace. PMG Comments "Previously Mounted." Estimate: $600 - $900. 民國九年四明銀行伍圓。試色樣票。 上海地名。極罕之試色樣票。正面墨黑，背面棕褐，與正色樣票設計完全相同。编撰圖錄之時，PMG同版僅得四枚評分記錄，考慮到市場上此類試色樣票的稀缺性，這並不令人意外。PMG備註"曾黏貼"。 (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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