Watch List notes:

SOUTHWEST AFRICA, The Standard Bank of South Africa Limited, colour trial specimen one pound, undated, no serial number, SPECIMEN WATERLOW & SONS LTD in red diagonally on both sides, 230 below sheep at left, across top edge is printed SPECIMEN NOTE, WATERLOW & SONS LTD. at left and 560 is penned at right, at bottom edge front and back is printed WATERLOW & SONS LIMITED, LONDON, with three punch-hole cancellations (P.8cts). Glue remnants on right back edge and a few tone marks, otherwise uncirculated and scarce.