Watch List notes:

(x) Bank of England, Kenneth Oswald Peppiatt, an Operation Bernhard 'Sachsenhausen' forgery £20 (3), 1934, 1936, 1937, prefixes 48M, 53M, 54M, black and white, seated Britannia in ornate circular frame at top left, value in black tablet low left,, (EPM B243*), last note very fine, others about uncirculated (3).

Estimate: £250 - £300