Watch List notes:

Commercial Bank of Scotland Limited £20, 2 June 1941, serial number 12/U 03490 dark blue, yellow and pale red, classical frieze top centre, Lord Pitcairn low centre, value low right and left, Thomson and Erskine signatures, reverse blue, bank head office at centre(PMS CO63d, Banknote Yearbook SC423c) ex Keith Austin Collection. Tiny hole upper centre, good very fine and scarce.

Estimate: £200 - £250