Watch List notes:

(x) African Banking Corporation Limited, printers archival specimen £20, Bloemfontein, 19- (1902), serial number run O/20 A10001-A10500, black on pink-red, allegorical women holding shield at left, value at centre and at each corner, reverse red, map of Africa at centre flanked by value(Pick S 556 for design), ink date '14 Nov 1902' in top margin, perforated CANCELLED, a fresh and original example, uncirculated, very rare.

Estimate: £1,400 - £1,800