Watch List notes:

Banque de l'Afrique Occidentale, a proof reverse on large-format paper for the issue of 25 francs, type of 1933, ochre and multicoloured, lion at centre,(Pick 22 for type, TBB B109 for type, Leclerc/Kolsky 166 for type), pencil date '29-7-33' in field and pencil annotation by the designer, Hourriez'. Extremely fine and very rare.

Estimate: £250 - £350