Watch List notes:

(x) Imperial Bank of Persia, archival specimen 20 tomans, Teheran, 1 September 1903, serial number F/A 00001-F/A 02000, black, pink and green, Shah Nasr-ed-Din at right, Imperial arms at left, value at centre and at each corner, two printed signatures below, reverse orange-brown, Imperial arms at centre, value at centre and at each corner, black serial number at each corner(Pick 5s), faded ink date '4 Nov 1903' in top margin at left, perforated CANCELLED, in PCGS holder 55, choice about uncirculated, attractive and the 20 tomans the rarest of the lower denominations, the print run for this type being only 2000, whereas the 25 of similar style has print run of 10000.

Estimate: £3,000.00 - £4,000.00