Issued on May 1, 1912, this 1 cent ochre stamp belongs to the early Republic of China “Kai Characters” overprint series, a transitional issue marking the shift from imperial to republican governance. Featuring the classic coiling dragon motif, a holdover from Qing symbolism, the stamp was designed by R. A. deVillard and printed by Waterlow & Sons Ltd in gravure on unwatermarked paper. The four vertical Chinese characters in regular script read “Republic of China,” distinguishing it from earlier “Sung” character types. With a variable perforation and no watermark, this low-denomination stamp was primarily used for domestic postal rates. Catalogued as Michel CN-IM 110, Scott CN-IM 164, and Stanley Gibbons CN-IM 219. Condition: Mint never hinged with full original gum, strong color, and well-balanced margins. Estimate "$60 – 75".