Watch List notes:

(x) Imperial Bank of Persia, 25 tomans, Teheran, 17 August 1908, serial number C/A 06169, black, pink and green, Shah Nasr-ed-Din at right, Imperial arms at left, value at centre and at each corner, black oval handstamp at low centre, two manuscript signatures below, reverse, green, Imperial arms at centre, value at lower centre and at each corner, black serial number at four corners, handstamp 'PAYABLE AT TEHRAN ONLY'(Pick 6, TBB B108), split at top and lower centre, centre hole due to folding, minor ink smudges, vibrant colours, in superior condition than previously offered in the market, extremely rare.

Estimate: £12,000 - £16,000