Watch List notes:

South Western Mercantile Company, ND ca.1900, Specimen Note by ABNC. New Mexico, $5, P-Unlisted, Remainder note used as a specimen, Black on green underprint, back green, S/N A15571, "Sample" handwritten in middle bottom. Small tears on top margin, otherwise the note appears XF with slight toning, Scarce New Mexico scrip note. ABNC.

Estimate: 300 - 600