Watch List notes:

FIVE POUNDS, Sheehan/McFarlane (1939), an officially issued specimen note, R/20 338025, serial numbers in black and signatures in blue, watermarked with Captain Cook at centre bottom, perforated CANCELLED twice over signatures, black diagonal lines on both sides (R.45s). Crisp original body, nearly uncirculated and of the utmost rarity, the only specimen note of this type ever offered at auction.

Ex Caldwell Collection, Noble Numismatics Sale 118B (lot 4397), previously private purchase from John Pettit.