Watch List notes:

Uzbekistan, Treasury, 250 Rubles, Khorezm/Khiva, Khanate, 1919, red-brown, with light purple, on yellow, silk note with Arabic text, reverse Arabic text, flower design,, (Pick 40), in PCGS holder 35 Very Fine, never previously seen on the market in such a high grade and consequently rare.

Estimate: £500 - £600