Issued in 1901 for the French post office in Hoi Hao, this 25 centimes stamp from the Indochina Navigation and Commerce series features a red “HOI HAO” overprint applied to the black on rose stamp depicting allegorical figures of trade and industry. Designed by Louis-Eugène Mouchon and printed typographically at the Imperial Printing Office in Paris, the stamp measures 20 x 24 mm and is perforated 14 x 13½. The overprint localized the issue for exclusive use in Hoi Hao, a French-controlled trading outpost in coastal Annam. Printed on grayish paper, the design reflects French colonial themes of commerce and mythological strength. The block of four is lightly hinged (MH) with original gum, vibrant color, and crisp overprints. Catalogued as Scott 7C, Michel FR-IC B10II, Yvert FR-HH 9, and Stanley Gibbons FR-HH 9, it is a desirable and increasingly scarce colonial multiple. Estimate "$120 – 150"