Lot# 9095

tied by Tsingtao cds of dispatch. This franking originally conformed to the foreign surface mail rate in Gold Yuan before April 28, 1949; however, from May 1, Tsingtao strictly enforced Silver Yuan postage, with the foreign letter rate set at 10 fen, equivalent to approximately $130,000 Gold Yuan. At the prevailing exchange rate, the cover was therefore substantially underpaid and treated as postage due. Upon arrival in the United States, a postage due of 35 cents was collected from the addressee, with U.S. postage due stamps affixed on reverse and cancelled. The deficiency was calculated as follows: required $130,000 minus $11,000 paid, leaving a shortfall of $119,000, which was doubled with penalty to $238,000; converted at approximately $6,800 Gold Yuan to 1 U.S. cent, this equates to 35 cents. This cover is notable as an early example of foreign mail underpaid during the initial enforcement of Silver Yuan postage in Tsingtao, with the deficiency collected overseas using U.S. postage due stamps. It clearly illustrates the confusion arising from the transition between Gold Yuan and Silver Yuan currencies, as well as the mechanism of international postage due settlement. Such covers are of extreme rarity, with only one recorded example, and are of significant postal history and exhibition importance.