Watch List notes:

(x) Imperial Bank of Persia, 20 tomans, Isfahan, 9 February 1914, serial number T/A 18239, black, pink and green, Shah Nasr-ed-Din at right, Imperial arms at left, value at centre and at each corner, black oval handstamp low centre, handstamp 'PAYABLE AT ISFAHAN ONLY' low margin, two manuscript signatures below, reverse orange-brown, Imperial arms at centre, value at centre and at each corner, black serial number at each corner(Pick 5), small holes at low centre and in centre, in PCGS holder 15, fine, but with original paper and no graffiti, extremely rare and a wonderful example.

Estimate: £4,000.00 - £6,000.00