Watch List notes:

Government Bank, Russia, 25 rubles, 1919, zero serial number, green on pink underprint, Imperial eagle at top left, value in top right and low left corner, reverse black on pink and green underprint, framed portrait at right, hole punched, red SPECIMEN overprint, blue WATERLOW & SONS seal low right(Pick S148), very fine and Waterlow colour trials rare.

Estimate: £400.00 - £500.00