Watch List notes:

(x) De Nederlandsche Bank, an essay on board for a 20 gulden, 30 March 1933, serial number BL 064490, black, orange and cream, man with pipe at centre, city view in background(unrecorded design), An Edmund Dulac design for a proposed issue of 20 gulden. A most interesting ink annotation on paper protector stating that this 'very inadequate design' is under discussion by the Dutch authorities, unique.

Estimate: £1500 - £2000