Watch List notes:

(x) Bank of England, K. O. Peppiatt, Operation Bernhard, £20 (2), 1935, 1936, serial number 51/M 00167, 53/M 50212, black and white, crowned Britannia at top left, value in black tablet at lower left,, (EPM B243*), very fine to extremely fine (2).

Estimate: £150 - £180