This 3 cent grey-green stamp, issued on March 24, 1912, is part of the Coiling Dragon series with Sung-style overprint marking the establishment of the Republic of China. The original design, by R. A. deVillard, was engraved and printed by Waterlow & Sons Ltd. in London for the Imperial Chinese Post and shows a coiled dragon surrounded by a fine guilloché background and ornate bilingual inscriptions. As part of the post-imperial currency transition, the stamp was overprinted in red with the characters 中華民國 (Zhonghua Minguo) in Sung-style calligraphy, signifying the early Republican authority replacing the Qing regime. The stamp features variable perforation, lacks watermark, and was printed through intaglio (gravure) method. This example is neatly cancelled in Tientsin (天津) CHENTU, a treaty port of great diplomatic and commercial significance during the early Republican era. The circular date stamp in black clearly intersects the overprint, creating a visually compelling composition against the soft grey-green hue. Listed as Michel CN-IM 97, Scott CN-IM 149, Yvert et Tellier CN-IM 86, Stanley Gibbons CN-IM 195, and China Stamp Society CN-IM 187a, this issue is historically significant for its role in bridging imperial and republican postal systems. Estimate "$35 – 55"