Watch List notes:

(x) Australian and European Bank Limited, specimen, £50, Melbourne, 1 June 18-, serial number 05301, black on rose and blue underprint, arms at upper centre, shepherdess at left, turreted maiden at right, value at top left and right, reverse brown and rose, value in ornate guilloches,(Pick S not listed, Vort-Ronald p.41), in PMG holder 63 EPQ Choice Uncirculated, Printer's Annotation (pencil date 'Feb 78' at upper left), perforated SPECIMEN BW & Co LONDON, one of the rarest of the Australian Banks, extremely rare.

Estimate: 3500 - 4000