Lot# 9084

On obverse is a single unit stamp paying the registration fee 12 fen, while on reverse are twelve Gold Yuan stamps totaling $600,000, which at the prevailing conversion rate of $150,000 fen to 1 Silver Yuan equals 4 fen, making a total postage of 16 fen. The franking correctly pays the domestic registered rate, comprising the basic letter rate plus registration fee (rate period Apr 49 to Jul 31, 1949). Tied by Pingyueh cds dated 38.5.25 and arriving Chungking on May 29, 1949. This cover is of particular importance for its mixed franking of Silver Yuan and Gold Yuan stamps with a clearly defined conversion, illustrating the practical postal accounting and currency transition under conditions of rapid Gold Yuan devaluation. It provides a representative example of regional postal operations and rate application during the concurrent use of dual currency systems, and is of significant postal history and exhibition value.