Watch List notes:

Banque de l'Afrique Occidentale, 25 francs, Dakar, 9 July 1925, serial number P.217-071, violet and green, sun setting over the sea, elephant low left and right, signatures of Boyer and Nouvion, reverse pale brown,(Pick 7B, TBB B102De1, Leclerc/Kolsky 57), almost very fine.

Estimate: £150 - £200