Watch List notes:

The Royal Bank of Scotland, £20 (3), 1 December 1952, prefixes F39, F53, F85, blue and orange on yellow underprint, King George I flanked by Lion and Unicorn upper centre with Bank title below, value in orange panel at centre, signature Thomson & Dick,, (PMS RB61e), some annotation, fine (3).

Estimate: £120 - £150