Watch List notes:

Twenty pounds, Cerutty/Collins (1918) No. 240493 X (R.65b). Folds and creases, holed through at centre, some toning, otherwise fine and very rare.

Ex M.R.Roberts Sale June 1977 (lot 268) and March 1978 (lot 186), Downies Sale March 1980 (lot 896) and August 1980 (lot 710).
($15750-17500)