Watch List notes:

Banque de la Guadeloupe, 25 francs, ND (1934-1943), serial number N.38605, red and white, black circular frames top left and right with penalty text, reverse red and white, 'la rade de Saint Pierre' at centre, local flora in field(Pick 8, Kolsky 105), completely original, one central fold, few light corner fold thus good very fine, very rare especially in this wonderful condition.

Estimate: £2,000.00 - £2,500.00