The Michael Ruggiero Collection of Japan

1871, Dragon, 48 mon brown, plate 1, laid paper, position 35, showing light engraving of vertical east end raimon at top variety, without gum as issued, exceptionally attractive example 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.