Issued in 1903 as part of the Second London Print of the Coiling Dragon series, this 5 cent orange yellow stamp reflects the Qing Dynasty’s continued refinement of its national postal system. Printed by Waterlow & Sons Ltd. using gravure printing, the design prominently features the coiling dragon—an enduring symbol of imperial sovereignty and celestial strength. This issue differs from earlier versions by omitting the watermark, marking a shift in production specifications. Perforations vary across print runs, and the 5 cent value was regularly used for standard domestic postage. Valid until April 1, 1914, the stamp represents a key phase in China’s modernization and institutional reform at the twilight of the empire. Cataloged as Michel CN-IM 63, Scott CN-IM 115, Stanley Gibbons CN-IM 126, Yvert et Tellier CN-IM 65, and China Stamp Society CN-IM 124. Condition Mint never hinged with fresh gum, vivid orange hue, and excellent centering. Estimate "$95 – 120"