Watch List notes:

Bank of England, J.G. Nairne, £5, Newcastle-on-Tyne 9 October 1917, serial number 39U 12966, black and white, ornate crowned vignette of Britannia top left, 'I promise to pay the Bearer on demand the sum of Five Pounds', value in black tablet low left,, (EPM B208bg), fine, some thinning along lower right, several rusty pinholes below Britannia and ink annotation upper-right, nevertheless a rare branch of issue and one of only eight recorded.

Estimate: £1500 - £1700