Issued on March 24, 1912, this 2 cent deep green stamp from the early Republic of China features the iconic Coiling Dragon design with an overprint in vertical Sung characters marking the new republican authority. Printed by gravure without watermark and with variable perforation, it was produced using Qing-era stock by the Custom Statistical Department in Shanghai in cooperation with Waterlow & Sons Ltd. This transitional issue symbolizes the political shift from imperial to republican rule and is part of the first official overprint series. The block of four is mint never hinged, with full original gum, crisp impressions, and rich coloration. Catalogued as Scott 148, Chan 168, Michel CN-IM 96I, Yvert 85, Stanley Gibbons 194, and China Stamp Society 186, it is a highly collectible multiple from the dawn of modern Chinese philately. Estimate "$240 – 280"