Watch List notes:

(x) Bank Melli, Iran, 50 rials, ND (1938), red serial number V 907868, green and pale pink and pale green, Shah Reza at right, value at centre and at each corner, signatures of Khosravi and Hajir, Mount Damavand low left, reverse green and white, ruins(Pick 35Aa, Farahbakhsh 62), almost uncirculated.

Estimate: £150 - £200