This 1912 issue from the Coiling Dragon series features a powerful image of a dragon engraved in dark violet, representing continuity and power. The stamp is overprinted vertically in red with the republican characters 中華民國 in Kai-style script, denoting the Republic of China. It was printed by Waterlow & Sons Ltd. and released on May 1, 1912, as part of the first republican postal reforms following the collapse of the Qing dynasty. The stamp has no watermark, variable perforation, and remains an iconic item from the revolutionary era. Catalog listings include Michel CN-IM 114, Scott CN-IM 168, Yvert CN-IM 101, Stanley Gibbons CN-IM 223, and China Stamp Society CN-IM 204. The stamp is postally used with signs of historical handling. Estimate "$20 – 25"