Watch List notes:

Bank of Scotland, £20, 11 August 1952, serial number 5/J 0722, pale orange-brown, Scotia in grey seal at centre, arms top centre and at left, value in red lozenge panel top left and right, Elphinstone and Crawford signatures(Banknote Yearbook SC142c, PMS BA109c), the last date and prefix for type, original, extremely fine and scarce.

Estimate: £200 - £250