Watch List notes:

(x) Union Bank of Australia Limited, New Zealand, 10/-, 1 October 1923, serial number 2/N 592885, orange and yellow and green underprint, portrait Queen Victoria at low left, seated Britannia and symbols of commerce top centre, black 'TEN SHILLINGS' text in margins, reverse, orange, value at each corner and at centre(Pick S371b), in PMG holder number 35, choice very fine, original and rare, a very nice example.

Estimate: £1,200.00 - £1,800.00