The Michael Ruggiero Collection of Japan

1872, Cherry Blossom, ½ sen brown, Matsuda printing, native wove paper, plate 4, with position 23 showing the famous "Ki-Hansen" variety, complete sheet of 40, o.g., a beautiful, wonderfully fresh sheet; few minor internal separations, Very Fine, a very rare sheet. J.S.C.A. 9, 9v-4-23-m. Scott 9, 9a.
Estimate HK$ 20,000 - 30,000.