Watch List notes:

(x) Imperial Bank of Persia, 20 tomans, Hamadan, 23 December 1924, serial number E/C 039288, purple and red on multicolour underprint, Nasr-ed Din at right, handstamp at low centre(Pick 15, Farahbakhsh type 16), very good, trimmed and with several repairs to edges and internal splits, remains of tape on reverse, but obverse quite presentable, very rare.

Estimate: £4,000 - £5,000