|Image courtesy of Boone Auctions|
|101||500 francs||red and black, with coupons||40,000
China: 1919 7% Lung Tsing U Hai Railway Treasury Notes
Authorised 20,000,000 francs. Exchanged for bonds of the 1925 8% Lung Tsing U Hai Railway Treasury Notes at the rate of 16 old for 17 of the new bonds. See 1925 listing.