Issued on May 1, 1912, this ultramarine blue stamp belongs to the early Republican issue known as the Coiling Dragon series, and showcases a delicately engraved dragon at center. It features a red vertical overprint of the characters 中華民國 in Kai script, indicating the transition to the Republic of China. Designed by R. A. deVillard and printed by Waterlow & Sons Ltd., the stamp has no watermark and shows variation in perforation. The absence of gum and a repair on the reverse are signs of postal use during a period of national transformation. Catalog numbers include Michel CN-IM 116, Scott CN-IM 170, Yvert CN-IM 103, Stanley Gibbons CN-IM 225, and CSS CN-IM 206. Estimate "$20 – 30"