Watch List notes:

Union Bank of Scotland Limited, £20, 31 May 1937, serial number A 229/025, 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 UB66c, Banknote Yearbook SC932b), ex Keith Austin sale, good very fine.

Estimate: £350 - £450