(t) CHINA--REPUBLIC. National Commercial Bank Limited. 5 Dollars

(t) CHINA--REPUBLIC. National Commercial Bank Limited. 5 Dollars, 1.10.1923. P-518a. S/M#C22-2a. PMG Very Fine 25. Shanghai. Deep, fiery red inks mix pleasantly with the underlying yellow-green underprint. Wang Yang Ming (1472-1529), a prominent scholar-official from the Ming Dynasty, is at the centre. PMG Comments "Minor Rust." Estimate: $400 - $700. Provenance: From the Yang Ai Hao Collection. 民國十二年浙江興業銀行兌換券伍圓。 上海地名。濃烈熾紅之油墨與基底黃綠底色交融，觀感悅目。中央為明代著名學者兼官員王陽明（1472-1529）肖像。PMG備註"輕微鏽漬"。 (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.

Schätzpreis:€0.89

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