Watch List notes:

Banque de Madagascar, 100 Francs (2), ND (c.1937), serial numbers J688235 & L008365, violet and brown on yellow with man, woman and child, zebu cattle ploughing scene on reverse,, (Pick 40, TBB B206b), both with strong creases and pinholes but nevertheless choice very fine.

Estimate: £100 - £150