cover KIAUTSCHOU: 1905 no watermark $2½ (26:17) affixed together with 1901 10pf. and 20pf. on 1905 (c.) cover registered to Shanghai, and cancelled by "TSINGTAU/KIAUTSCHOU" c.d.s. (year date faint). A couple of faults including some overall toning which affects the adhesives (the 10pf. mot seriously). Extremely rare. Ex Diercking. Mi.7, 8, 27A; DM. 12,500. Photo