Watch List notes:

(x) Kingdom of Persia, 20 tomans, ND (1890-1923), T/B 12500/05001/00000, Specimen Proof, black on pink and green underprint with Shah Nasr-ed-Din at right and Imperial arms at left, value at centre and at each corner, signature areas blank, reverse red-orange with Imperial arms to centre and serial numbers upper right, lower left and centre.(Pick 5sp) In PMG holder Choice Uncirculated 64, two ink annotations to upper left border and perforated CANCELLED to low centre.

Estimate: £6,000 - £6,500