(t) CHINA--MILITARY. Kwangsi Military. 20 Cents, 1922. P-S3900J. PMG

(t) CHINA--MILITARY. Kwangsi Military. 20 Cents, 1922. P-S3900J. PMG Choice Uncirculated 64 EPQ. This series was issued by Shen Hong Ying to support his troops who had taken over Liuchow in November 1922. His troops were defeated by the New Kwangsi Clique eight months later, and the notes became worthless. All are generally fairly scarce, but this example is particularly desirable because it is the single highest graded note and the ONLY ONE with the EPQ status across the entire population of 15 notes. Excellent eye appeal. Estimate: $700 - $1,000. PMG Choice Uncirculated 64 EPQ. 民國十一年廣西臨時軍用票貳角。 此系列由沈鴻英發行，用於支應其於1922年11月進佔柳州的部隊。八個月後其部隊被新桂系擊潰，該批紙幣遂淪為廢紙。此系列普遍相當罕見，而本枚尤具收藏價值，因本版PMG總評級量僅15枚，而本品為冠軍分，且為唯一帶有EPQ級。品相出眾，不容錯過。 (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.

Estimate:$1

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