Watch List notes:

Great Britain: set of 2 intaglio printed proof vignettes by Waterlow & Sons Ltd. This security printing ephemera is uniface printed in black color on banknote paper. It shows a woman as allegory for agriculture and a man seated at left as allegory for education. The "5%" at left leads to the conclusion that this vignette was a trial to be lateron used on stocks or bonds. Both vignettes show the same design, but the second vignette does not have the boxes for serial numbers printed. A rare archival specimen. Condition: XF.