Watch List notes:

Armenia, Government Bank, Yerevan Branch, 1919 First & Second Issue Quintet. Armenia, Lot of 5 notes, all are 1919 Issues, Includes First Issue 5 Rubles, P-1, Issued, Black on light blue underprint, S/N 5 No. 020, Choice VF to XF with the numeral 3 penciled on the top right corner; 10 Rubles, P-2, Issued, Black on red brown (listed on pink) underprint, S/N 3.30 No. 068, One light vertical fold keeps this lovely note from Uncirculated; 500 Rubles, P-7, Issued, Black on light blue underprint, S/N A. 23 No. 026, Fine with small edge faults; 1000 Rubles, P-8, Issued, Black on light lilac underprint, back black on light lilac, without Armenian text on top left and right margins, S/N B. 24 No. 0096, Fine with small edge faults; and 1919 Second Issue. 50 Rubles, P-9, Issued, Black on green underprint, back black on green, Armenian text on top left and right margins, S/N T 8 No. 114, Uncirculated.

Estimate: 200 - 400