Watch List notes:

(x) New Hebrides, Banque de l'Indo-Chine, 5 francs, ND (1941), serial number H.67 525, brown and light green, woman wearing helmet at lower left, oval red NOUVELLES HÉBRIDES FRANCE LIBRE overprint at centre, reverse, Penal code(Pick 4a, TBB B201a), in PMG holder, staining, 45 Choice Extremely Fine, Lin Zhan Wei Collection, rare.

Estimate: £200 - £250