Watch List notes:

(x) Imperial Bank of Persia, 5 tomans, Isfahan, 12 November 1927, serial number C/L 048072, black-brown on multicolour underprint, Shah Muzzafar-an-Din at right, hand stamp at low centre(Pick 13, Farahbakhsh type 14), Isfahan not listed in Farahbakhsh, PMG 20, very fine, minor edge and internal damage, minor repairs, but a nice example, rare.

Estimate: £2,000 - £2,500