Watch List notes:

Deutschland - Konzentrations- und Kriegsgefangenenlager: 10 and 50 Pounds "BERNHARD" forgeries, both signature "PEPPIATT and dated 1935, P.336x, 338x, 10 Pounds with small border tears and lightly toned paper, 50 Pounds in XF condition. (2 pcs.)
[taxed under margin system]