Watch List notes:

Banque de Madagascar, 5, 10 and 20 Francs (2), ND (1937-47), serial numbers 776J700, V3600828/9 and R19810567, 10 Francs green and blue with Malagasy woman carrying produce at right, zebu cattle ploughing scene on reverse with foliage surround, 20 Francs yellow and red-brown, French and Malagasy women shake hands in front of wheat, an anchor and a palm, reverse, Malagasy man with moustach, 5 Francs red-brown on blue and green with Juno at left,, (Pick 35, 36, 37, TBB B202b, B203c, B204c), 10 and 20 Francs extremely fine with pinholes and some very minor marks, 5 Francs about extremely fine.

Estimate: £50 - £80