Watch List notes:

Switzerland: Extraordinary rare proof print for the 50 Franken 1907, P.1 with front and back, but only the underprint colors and the design. Perforated "SPECIMEN BW&C LONDON" at left center and printers annotations at upper margin on front. Condition: uncirculated with a few minor creases at upper margin and left border but outside the frame of the note.
[taxed under margin system]