Watch List notes:

(x) BRITISH NORTH BORNEO, The British North Borneo Company, $10, 1 January 1927, black, red-brown and blue, serial number D.163401, arms at left, Mount Kinabalu at upper centre, value in guilloche at right, reverse blue, value set in ornate guilloches and patterns(Pick 22; TBB B108h), in PMG holder 25 Very Fine, discoloration, three small holes along central crease.

Estimate: 1800 - 2200