Watch List notes:

(x) Persia, German Treasury, World War I, 5 tomans on 20 mark, 19 February 1914 (1916-1917), serial number 0226143, blue on brown and blue underprint, arms at right, value at left, red overprint in Farsi(Pick M3), in PCGS holder 55 PPQ, choice about uncirculated, and very rare in this superb original condition, also includes a book on the Persian military overprints.

Estimate: £1,500 - £2,000