Watch List notes:

Imperial Bank of Persia, 50 tomans, Teheran, 11 April 1925, red serial number F/B 034816, brown, pale orange, blue, pink and green, Shah Nasr-ed-Din in oval frame right centre, two manuscript signatures below, value in field, oval handstamp low centre, black handstamp 'PAYABLE AT RESHT ONLY' in low margin, reverse purple-brown and green, Imperial arms at centre, value at centre and at left and right, red serial number at each corner,(Pick 16), in PMG holder 12, repaired paper damage. A presentable enough example of a very rare high-denomination note.

Estimate: £3,500 - £4,000