The Michael Ruggiero Collection of Japan

1871, Dragon, 48 mon brown, plate 1, laid paper, position 3, showing interesting pre-printing paper fold at bottom left, without gum as issued, wonderfully fresh with wide, even margins, Extremely Fine. J.S.C.A. 1a 45,000 yen (HK$ 3,490). Scott 1; $275 (HK$ 2,130).
Estimate HK$ 1,000 - 1,500.