The Michael Ruggiero Collection of Japan

1872, Cherry Blossom, 20 sen lilac, Matsuda printing, native wove paper, a lovely used copy cancelled by syllabic numeral cancel, interesting transition perforations at right, Very Fine. J.S.C.A. 13a 34,000 yen (HK$ 2,640). Scott 17; $425 (HK$ 3,300).
Estimate HK$ 2,000 - 3,000.