Watch List notes:

Bank Melli Iran, 20 Rials, ND (1934), consecutive serial numbers J618493 and J618494, red on multicoloured underprint, portrait of Shah Reza, reverse red, coat of arms at centre, both signatures in Farsi(Pick 26b, TBB B109), crisp paper, visible embossing, about uncirculated (2).

Estimate: £3,500 - £4,500