Watch List notes:

(x) The Bank of South Australia Limited, printer's archival specimen £20, Melbourne, 1 July 1889, serial number run M 000001 to M 000500, black and carmine red, woman at upper left, bank building top centre, value at upper right, value panel at centre, reverse carmine red, value at centre and in guilloches at left and right, perforated SPECIMEN BW & Co LONDON,(Pick S not listed), in PMG holder 63 EPQ Choice Uncirculated, Printers Annotation (pencil date 'Sept 30-89' in top margin), very rare.

Estimate: 3500 - 4000