Issued on January 28, 1898, during the Qing Dynasty's modernization of its postal system, this ½ cent stamp from the First London Print Coiling Dragon series marked a pivotal shift from the earlier Large Dragon issues. Printed in brown by Waterlow & Sons Ltd. using gravure printing, the stamp features the symbolic coiling dragon, an emblem of imperial power, transformation, and national identity. Measuring 22 × 26 mm and bearing the traditional Yin-Yang watermark, the stamp was intended for local use and printed with variable perforations due to the printing limitations of the period. This issue reflects the evolving political and administrative sophistication of late imperial China and remained in circulation until April 1, 1914. It is cataloged under Michel CN-IM 47, Scott CN-IM 98, Stanley Gibbons CN-IM 108, and China Stamp Society CN-IM 113. Condition Mint hinged with strong color, full original gum, and clean centering. Estimate "$95 – 120"