Watch List notes:

Commercial Bank of Scotland, £20 (2), 2 January 1923 and 31 July 1935, serial numbers 11/B 8/109 and 12/W 02680, first, blue on light green and yellow underprint, second, blue on light orange and red(Banknote Yearbook SC422b first, tape residue, one or two pinholes, about very good, exceptionally rare, second, pinholes, nicks in margin, about fine (2).

Estimate: £350.00 - £450.00