Watch List notes:

Deutschland - Briefmarkennotgeld: NEUKALEDONIEN (Nouvelle Caledonie, french colonies New Caledonia). two Encased postage stamps: 25 centimes and 50 centimes, nd (1922). Obv: stamps encased in a red background. Rev: NOUMEA BANQUE DE L´INDOCHINE. Lecompte 12, 13. RR, both not included in our exceptionnal specialised sale of February 2014. About as struck.