Watch List notes:

Union Bank of Scotland Limited, £20, 2 August 1923, serial number A 71/005, blue, red and pale yellow, arms top centre, equestrian statue low left and right, value in red underprint at centre, two manuscript signatures below, reverse a blue and pale yellow central guilloche, value at centre(PMS UB66a, Banknote Yearbook SC932a), ex Keith Austin Collection. Almost fine, a scarce early date for type.

Estimate: £320 - £380