Watch List notes:

Banque de l'Afrique Occidentale, 100 francs, Porto-Novo, 13 November 1924, serial number A.94-731, red and pale green, sun setting over the sea, elephants low left and right, signatures of Boyer and Nouvion, reverse pale blue,(Pick 12E, TBB B104Pe, Leclerc/Kolsky 123), last date for series. Pinholes, about fine and rare.

Estimate: £350 - £450