Issued on May 1, 1912, during the early days of the Republic of China, this block of eight mint never hinged stamps features the iconic Coiling Dragon design originally issued under the Qing dynasty. The stamps were overprinted vertically in red with “Republic of China” in regular-style (kai) characters to indicate the new regime. Designed by R.A. de Villard and printed by Waterlow & Sons Ltd. in deep green via gravure printing, the stamps show the denomination “TWO CENTS” and are perforated with variable gauge. Measuring standard size, the block includes full selvage at the bottom and maintains rich color with intact perforations. The reverse shows some uneven toning typical of the period, but full gum is present, with no hinge marks. This issue marks the transitional shift from imperial to republican authority and is a classic example of philatelic adaptation during political upheaval. Scott 165. Estimate "$160 – 200"