Issued on March 24, 1912, this 1 cent ochre stamp is part of the earliest Republican overprints applied to Imperial Chinese stamps, marking the formal transition from Qing Dynasty to the Republic of China. Originally engraved by Waterlow & Sons Ltd. and printed at the Custom Statistical Department in Shanghai, the stamp features the iconic coiling dragon—a long-standing symbol of imperial power—set against an intricate guilloché background. Overprinted in bold red Sung-style characters (中華民國), this issue served to rapidly adapt Qing-era stamps to the new Republican regime. This specimen bears a strong black cancellation from Tientsin (天津), a key treaty port and center of commerce and foreign diplomacy in early Republican China. The combination of red overprint and dramatic cancelation creates a striking visual contrast against the warm ochre tone. The stamp is printed via line engraving, with irregular perforation consistent with transitional printings. 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, this example reflects a critical moment in Chinese philatelic and political history. Estimate "$35 – 55"