Watch List notes:

(x) France, Banque de France, 20 francs, 1.7.1916, serial number J.6 127, blue, bust of Bayard at left, watermark of same at right, reverse blue, peasant with scythe on reverse,(Pick 74, Fayette 11.1), PCGS Currency 45 Extremely fine, pinholes at left. The first date of this issue and relatively scarce.

Estimate: £300 - £400