Printed in ochre and overprinted in red with the Kai-style characters 中華民國, this 1 cent stamp from the 1912 “Coiling Dragon” issue reflects one of the earliest revalidations of imperial stock following the establishment of the Republic of China. The stamp was engraved by R. A. deVillard and printed by Waterlow & Sons Ltd. without watermark. It shows standard perforation variation and remains ungummed. This used example is lightly cancelled and bears hinge marks and slight toning on the reverse. Listed in Michel CN-IM 110, Scott CN-IM 164, Yvert et Tellier CN-IM 98A, Stanley Gibbons CN-IM 219, and China Stamp Society CN-IM 200. Estimate "$45 – 60"