Watch List notes:

(x) Imperial Bank of Persia, archival specimen 50 tomans, Teheran, ND (1911), black serial numbers W/A 02001-W/A 04000, black, pale pink and green, Shah Nasr-ed-Din in oval frame right centre, arms at left, no signatures below, value in field, reverse brown and white, Imperial arms at centre, value at centre and at left and right, four black serial numbers in field(Pick 7s, Farahbakhsh 8 for type), ex Bruce Smart collection. Perforated SPECIMEN, minor mounting traces, in PCGS holder 53 About New, rare.

Estimate: £4,000 - £5,000