Watch List notes:

Munich, Germany, 5 reichsmarks, 1925, 1,000th year of the Rhineland, encapsulated NGC MS 65, top grade in NGC census. KM-47. Satin fields with muted luster and faint color, practically no marks at all, tied with thirteen others for top grade at NGC. NGC #3841618-012. (Estimate: $300 - 450)