Watch List notes:

(x) Imperial Bank of Persia, specimen 5 tomans, Teheran, ND (ca 1922), serial number R/A 020001-D/E 030000, black, pink and green, Shah Nasr-ed Din at right, arms at left, value at centre and at each corner, Walter and Murray signatures, reverse brown, arms at centre, value at centre and at each corner, PAYABLE AT TEHERAN ONLY in top margin, perforated SPECIMEN(Pick 3s, TBB B5bs, Farahbakhsh type 4), date 'February 1911' in top margin, good extremely fine and rare.

Estimate: £1,500 - £2,000