Watch List notes:

Banque de Madagascar, 100 Francs (3), ND (1926), serial numbers 982K187, 078M215, 087T232, violet, blue and brown, woman seated at left and right, reverse woman with cornucopia, seated woman and man representing agriculture and industry, overprinted BANQUE DE MADAGASCAR in red from 1892 issue,, (Pick 34, TBB B201a), all fine notes with some variation in strength of folds, number of pinholes and staining.

Estimate: £350 - £500