Watch List notes:

Montenegro: Very interesting lot with 15 banknotes 1 - 100 Perpera 1912-1917, comprising 2, 5, 10 Perpera 1912 with cancellation holes P.2-4 (F-), 5, 10 and 2x 20 Perpera 1914 P.9, 10, 11 (F-/F), 2x 1, 2x 20, 2x 50 Perpera 1914, one with stamp and one without P-15, 19, 20 and 100 Perpera 1914 P.21 (F-/F) and 1 Perper 1917 P.M148 (F). (15 pcs.)
[taxed under margin system]