Watch List notes:

(x) German Military issues for Persia, 5 tomans on 20 mark, 19 February 1914 (1916), serial number N.0232079, blue and pale tan, Imperial eagle top right, red Farsi text low centre, reverse pink and pale blue, value at centre, Farsi text at each corner(Pick M3, Rosenberg 488), in PCGS holder 25, very fine, scarce.

Estimate: £200.00 - £300.00