Watch List notes:

(x) Bank of New Zeland, £1, 1 October 1928, serial number E 045512, purple on multicolour underprint, Maori King Tawhiao at centre, value at corners, reverse purple, arms at centre, Maori people at left, volcano and kiwi at right,, (Pick S234a), in PMG holder 55 about uncirculated, a lovely example in high grade, ex-Bruce Smart Collection.

Estimate: £1,500 - £2,000