The Michael Ruggiero Collection of Japan

1871, Dragon, 48 mon brown, plate 1, laid paper, position 8, showing strong inking at top, without gum as issued, four margins, fresh, Very Fine. J.S.C.A. 1a 45,000 yen (HK$ 3,490). Scott 1; $275 (HK$ 2,130).
Estimate HK$ 1,000 - 1,500.