(t) CHINA--MILITARY. Provincial Army of Shantung. 5 Yuan, 1.10.1926.

(t) CHINA--MILITARY. Provincial Army of Shantung. 5 Yuan, 1.10.1926. P-S3940. Extremely Fine. Issued by Zhang Zong Chang (Fengtien Clique) to resist the advance of the Nationalist Army during the Northern Expedition. Sold as seen, no returns, viewing highly recommended. Estimate: $140 - $200. Provenance: From the Yang Ai Hao Collection. 民國十五年山東省軍用票伍圓。 北伐戰爭期間由張宗昌（奉系軍閥）發行，以抵禦國民革命軍之推進。按現況出售，恕不退換，強烈建議預覽。 (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.

Estimación:€0.89

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