China. 32 pounds 1 shilling 3 pence 1927

This piece is absolutely one of the rarest in your entire collection: it is an international bank 'Second of Exchange' issued in Shanghai, China, on March 5, 1927.
The title bears the prestigious heading of the Hongkong & Shanghai Banking Corporation (HSBC), the British bank founded in Asia in the 19th century to finance the colonial trade of the British Empire in the Far East.
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#Description and analysis of the document

* The Financial Transaction: Marked with serial number A11234, the promissory note is drawn for the amount expressed in heavy British currency: £32 1s 3d Sterling, shown on the front both in figures and by an elegant two-tone red and black mechanical perforation.
* The Eastern Route: This exceptional title directly connects China to Andalusia. It is issued in Shanghai and addressed to the order of the Sres. Gutiérrez Hermanos in Jerez de la Frontera (Spain).
The final payment is domiciled in London, at the bank’s British headquarters at 9, Gracechurch Street, London.
* The Royal Crest and Security: On the left margin stands a large blue intaglio medallion enclosing the Royal Coat of Arms of the United Kingdom with the motto "Dieu et mon droit", above a highly detailed depiction of merchant ships at anchor in the colonial port.
* The Fine Engraver: Next to the medallion the engraver’s signature is clearly legible: "Bradbury, Wilkinson & Co. Ltd. Engravers, New Malden, Surrey, England".
Together with Waterlow, it was the British banknote and security-paper workshop par excellence for printing banknotes and titles protected by densely woven multi-color security patterns (visible here in green and ochre tones).
* Official Signatures: The title is originally signed in black ink by the Sub Manager (Deputy Director) and the Sub Accountant of the bank’s Chinese branch. The reverse is unusually clean and free of folds, showing through the watermark marks of the paper.
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# Important figures and historical context

1. HSBC in Shanghai in 1927: In March 1927, Shanghai was in the midst of a crucial historical phase (the Northern Expedition and the city’s impending upheaval). HSBC’s monumental Bund headquarters in Shanghai was the beating heart of Western finance in Asia. This document testifies how the great Andalusian barrel houses of Sherry, such as Gutiérrez Hermanos, sold their fine wines even to the wealthy international merchants and officials residing in the foreign concessions in China, demanding secure payments in British pounds circling London.
2. Bradbury, Wilkinson & Co.: A legendary firm for scripophilists and numismatists. Their steel engravings are considered true works of late industrial-era art.
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# Estimated market value
Historical paper securities issued by the Chinese (Shanghai/Hong Kong) branches of major British colonial banks before World War II consistently top demand in the global scripophily market, driven by intense Asian and European collecting interest. The condition of this piece is superb, with perfect edges and vivid inks [image_faNoP7.png].

* Reported value of the document: It consistently ranges between €120 and €220.
* Factors that maximize the price: The issuer (HSBC Shanghai), the engraver Bradbury Wilkinson’s signature, the magnificent intact royal crest, and the unusual commercial connection with the Jerez wine firm position it in the highest and most exclusive price range for sector collectors.

IA description help
Excellent historic value for Scripophily
Stored in PVC A4 envelopes.
Good conservation. See the image for a proper impression
Ships with Registered mail and tracking included and Protected packaging.