Watch List notes:

(x) Government of Cyprus, Progressive Proof Colour Trial £5, ND (1920-30), black ink design, wreath surrounding the King George V's portrait at right, value in English at lower left centre, Greek and Turkish at left and centre(Pick Unlisted), in PMG holder, printer's annotations, pinholes, 64 Choice Uncirculated, Ibrahim Salem Collection.

Estimate: 1200 - 1600