Watch List notes:

Labuan, a dealer's extensive stock on storage sheets in folder, with issues of Queen Victoria (122) with some duplication, includes O/P, some varieties noted are wmk inverted, no dot variety and different wmks a few mint, many as CTO; and issues 1894-1904, these of North Borneo surcharged Labuan, many with O/P for new values or 1896 Jubilee, (approx 250) with much duplication. Mint, used and CTO. (approx 370)
($450-500)