Auction #14 of China, Hong Kong, Japan and Other Asia Stamps and Postal History

Macao, 1913, "REPUBLICA" (Local Overprint on King Carlos), 4a on 8a gray brown, "Avo3" instead of "Avos" variety (Scott 207 var.), normal single enclosed for comparison, without gum as issued, Fine.
Estimate HK$ 1,000 - 1,500.