Watch List notes:

BERMUDA: 5 Shillings (12.5.1937) brown and purple with "King George VI" at center and "Tourist ship The Monarch in Hamilton" at lower center. Fractional prefix serial no "M/1 354266". Signatures by Young and Trimingham. WMK: Pattern. Printed by BWC. Inside plastic folder by PMG "Very Fine 20 - Annotations". (Pick 8b) & (Spink BG B8b).