This striking high-inflation-period stamp from the Republic of China features the iconic Great Wall, originally issued as a 500-yuan airmail value. During the late 1940s hyperinflation, postal authorities applied a bold black “20000” surcharge inside an octagonal frame, along with an overprint of Chinese characters adjusting the denomination.
Printed in deep red, the design retains excellent detail, showing winding fortifications across rugged mountains. Surcharged airmail issues from this era are highly collected due to their numerous overprint varieties, errors, and scarce combinations. This example remains desirable for its clean surcharge impression and classic landmark imagery.
A notable piece from China’s turbulent postal and economic history.