Watch List notes:

(x) Caledonian Banking Company Limited, £1, 4 January 1904, serial number O 74/479, uniface, black on orange underprint, view of Inverness at top centre with bank title below, value at top corners, kilted man with dogs at left, shepherdess at right, manuscript signatures,, (PMS CA15b), good very fine, some staining and residue on reverse but retaining crispness, a delightful example, rare.

Estimate: £900 - £1,200