This 1 cent ochre stamp from the 1912 “Coiling Dragon” issue features a red Sung-style vertical overprint reading 中華民國, applied to mark the dawn of the Republic. Engraved by R. A. deVillard and printed by Waterlow & Sons Ltd. and the Custom Statistical Department, the stamp has variable perforation, no watermark, and was issued ungummed. A light cancellation crosses the dragon’s head, and a penciled notation appears on the reverse. Catalogued as Michel CN-IM 95I, Scott CN-IM 147, Yvert et Tellier CN-IM 84, Stanley Gibbons CN-IM 193, and China Stamp Society CN-IM 185a. Estimate "$55 – 70"