Watch List notes:

African Banking Corporation Limited, Transvaal Issue, a printers archival specimen £20, Johannesburg, 189-., no serial numbers, black on pink-red, allegorical women holding shield at left, value at centre and at each corner, reverse red, map of Africa at centre flanked by value,(Pick S556 for similar, Hearn 5), two small perforations, red SPECIMEN overprint, a fresh and original example, in PMG holder 50 about uncirculated, very rare especially with 'Johannesburg'.

Estimate: £1,000 - £1,200