Watch List notes:

Government of the Straits Settlements, $10, 1 January 1931, serial number A/1 00001, green on multicoloured underprint, portrait of King George V at right, value at lower centre, signature of Luis Shelley low centre, reverse vignette of tiger at centre, value in each corner, medallic female head at left(Pick 18a, TBB B123a, Goon SS31X, Tan S19, Boon B22a), in a PMG holder 53, about uncirculated. The note is accompanied by a letter titled MEMORANDUM from the CHAIRMAN AND MANAGING DIRECTOR and is addressed to 'Dear Cecil, I am sending you herewith $10 note, No. A/1 000001, the first issued....'. The Governor of the Straits Settlements at the date of this letter, '14th April 1932' was Sir Cecil Clementi and this without doubt is the 'Dear Cecil' referred to in the letter. A most important banknote and the first portrait $10 with portrait of George V for the Straits Settlements..

Estimate: £25,000 - £35,000