Watch List notes:

(x) Government of Gibraltar, Emergency World War I issue, £5, 6 August 1914, Series A, black serial number A1160, black text on grey-blue paper, manuscript signature of the Colonial Treasurer Alfred Craven Greenwood low right, faint CANCELLED handstamp across face of note,(Pick 4, TBB B104a), watermark E.BAYNES & CO LONDON and printed by Beanland Malin & Co. All notes apart from 2 redeemed by the Gibraltar Treasury thus this is one of only two examples believed extant. Previously mounted, toned, repaired, in PMG holder 20 NET Very Fine, extremely rare and a 'must' for any collector of Gibraltar.

Estimate: 23000 - 27000