Watch List notes:

Banque de l'Afrique Occidentale, specimen 25 francs, ND (1936-39), no serial numbers, blue, red and ochre, man wearing a red turban with horse, value in blue top left and right, no signatures, reverse ochre and multicoloured, lion at centre,(Pick 22s, TBB B109s, Leclerc/Kolsky 166 for type), in PMG holder 64 Choice Uncirculated, scarce.

Estimate: £150 - £200