Watch List notes:

(x) Imperial Bank of Persia, archival specimen 50 tomans, Teheran, ND (1911), red serial numbers W/A 02001-W/A 04000, black, pale pink and green, Shah Nasr-ed-Din in oval frame right centre, arms at left, no signatures below, value in field, reverse brown and white, Imperial arms at centre, value at centre and at left and right, four black serial numbers in field(Pick 7s, Farahbakhsh 8 for type), ex Bruce Smart collection. Perforated SPECIMEN, manuscript date 'January 1911' in top left margin, in PMG holder 63 CHOICE UNCIRCULATED, mounting traces and a minor tear, a lovely handsome example, rare.

Estimate: £3,500 - £4,500