Issued on May 1, 1912, this used $1 salmon and dark red stamp from the London print of the Chinese Imperial Post features the iconic Coiling Dragon design overprinted with “Republic of China” in regular Kai-style characters, commonly referred to as the “Flying Geese” overprint. Gravure printed by Waterlow & Sons Ltd, this high-denomination issue marked the transition from Qing imperial authority to the Republic, and the overprint reflects early republican postal legitimacy. Catalogued as Scott IM175, Michel CN-IM 121, Yvert et Tellier CN-IM 107A, Stanley Gibbons CN-IM 230, and China Stamp Society CN-IM 211, this stamp is a key transitional piece in early modern Chinese philately. The example is used with a clear circular postmark, though the reverse shows hinge remnants and tape repairs, affecting its condition. Estimate "$180 – 220"