The Michael Ruggiero Collection of Japan

1871, Dragon, 48 mon brown, plate 1, horizontally laid paper, position 4, an exquisitely well etched example, fresh with large margins, Extremely Fine and choice. J.S.C.A. 1a 45,000 yen (HK$ 3,490). Scott 1; $275 (HK$ 2,130).
Estimate HK$ 1,000 - 1,500.