Watch List notes:

Commonwealth of Australia, obverse and reverse archival photographs showing designs for £5, c.1911, black and white, arms at left, crowned value in underprint at centre, value at corners, reverse with Leura Falls at left, Upper Yarra river at right(Pick 5 for similar), the front is very similar to the note issued in 1913, but the reverse design was used on the £100 instead, backed on card, lovely condition, unique and important (2).

Estimate: £600 - £800