Watch List notes:

(x) Imperial Bank of Persia, 50 tomans, Teheran, 1 June 1918, serial number H/A 05315, black, pink and green, Shah Nasr-ed-Din at right, Imperial arms at left, value at centre and at each corner, two manuscript signatures below, black oval handstamp low centre, handstamp 'PAYABLE AT TEHERAN ONLY' low centre, reverse green, Imperial arms at centre, value at centre and at each corner, black serial numbers low left, top right and at centre(Pick 7), repairs, in PCGS holder 20, very fine, an attractive and extremely rare issued high denomination note, only one other auction recorded example found to date, superb.

Estimate: £10,000.00 - £15,000.00