Watch List notes:

FRANCE - 100 Francs Luc Olivier Merson avec L.O.M 3/4/1909 - Fay 22 / 2 (Pick 69) TB+ (Fine) --- WPM Value VG 120$ - VF 350$ - Estimate Fayette 500? -- Very rare and beautiful ticket - General conservation VF, but little lack on the left margin ----- Ve