Watch List notes:

National Bank of Scotland Limited £1, 2 January 1926, serial number O049-966 dark blue on light orange and yellow sunburst underprint, portrait Marquess of Lothian plus shipping on the Clyde at left, Edinburgh Castle and Holyroodhouse Palace at right, Royal Arms upper centre, Lethbridge and McKissock signatures, reverse blue, aerial view of Princes Street at centre(PMS NA32, Banknote Yearbook SC501d), ex McMillan and McIntyre collection. Lightly pressed, extremely fine, scarce.

Estimate: £150 - £200