This used example from the 1912 “Coiling Dragon” series features a vertical red overprint in Sung characters (中華民國) on an ochre 1 cent Imperial dragon design. Issued March 24, 1912, the stamp commemorates the founding of the Republic of China and marks the transition from Qing dynasty to Republican authority. It was printed by Waterlow & Sons Ltd. and the Custom Statistical Department, Shanghai (O), with engraved printing, varying perforation, and no watermark. The cancellation is bold and distinctly reads “Chefoo” (Ca Chefoo), adding postal history relevance. Despite some surface wear and hinge remnants on the back, the overprint and core details remain clear. Catalogued as Michel CN-IM 95I, Scott CN-IM 147, Yvert CN-IM 84, Stanley Gibbons CN-IM 193, and CSS 185a. Estimate "$60 – 75"