China 1946-47 $20 on 8c brown-orange watermarked ‘octagonal box' Central National Currency (CNC) surcharges, SG881.
A fine used example other than one shortish perforation at top mentioned for accuracy only as very scarce in this quality.
Stanley Gibbons catalogue value: £400.
The high level of inflation at the time necessitated frequent changes to postal rates. As a result, existing stamp stocks were surcharged with new denominations.
