Watch List notes:

(x) National Bank of Egypt, £5 (2), 5 November 1919, prefix W/38, 10 November 1919, prefix W/43, black, lilac and green, pyramids, felucca and river Nile scene, value at right and at each corner, Rowlatt signature, black and lilac, green and pale orange, value at left and right(Pick 13, Hanafy M2), first multiple pinholes at right, thinning across central fold, thus about fine, second very good (2).

Estimate: £800 - £1,200