Watch List notes:

The National Bank of Scotland Limited, £20, 1 March 1952, serial number A 192-707, blue, yellow, lilac and brown-red, arms on upper centre, the Marquess of Lothian at left centre, shipping on the Clyde low left, Edinburgh Castle and Holyrood Palace at low left, value at each corner, Dandie and Brown signatures, (Douglas 36-4, PMS NA63), lightly pressed, good very fine, scarce.

Estimate: £350 - £450