(t) CHINA--REPUBLIC. Great Northwestern Bank. 20 Cents, 1924. P-486.

(t) CHINA--REPUBLIC. Great Northwestern Bank. 20 Cents, 1924. P-486. PMG Choice Very Fine 35. Tientsin. A deceptively scarce fractional note, that despite its grade of 35, is in fact the SINGLE HIGHEST PMG graded note. Extremely rare in this grade. Estimate: $600 - $900. PMG Choice Very Fine 35. 民國十三年蒙藏銀行貳角。 天津地名。看似尋常實則罕見之輔幣票，儘管評級為35分，實乃PMG評級紀錄中唯一冠軍分。此等品相極度罕見。 (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.

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