Watch List notes:

(x) Banque de Madagascar, 5 francs, ND (1937), green and maroon, Juno at left, 10 francs, blue and 20 francs, yellow and brown, ND (1937-1947), also a 50 francs, ND (1937-1947), green, maiden at left and right(Pick 35b, 36b, 37c, 38), first two good very fine, the 20 francs uncirculated, the 50 francs about uncirculated thus scarce (4).

Estimate: £250 - £350