Watch List notes:

Uzbekistan, Treasury, 250 Rubles, Khorezm/Khiva, Khanate, 1919, red-brown, with light purple, on yellow, silk note with Arabic text, reverse Arabic text, flower design,(Pick 40), in PCGS holder 35 Very Fine, never previously seen on the market in such a high grade and consequently rare.

Estimate: £700 - £850