Watch List notes:

Bank of England, C.P. Mahon, specimen £5, London 9 April 1925, serial number 001/Q 00000, black and white, ornate crowned vignette of Britannia top left, 'I promise to pay to Bearer on demand the sum of Five Pounds' in text at centre, value in black tablet low left, printed serial number, date and signature,, (EPM B215s, Pick 320as), in PMG holder 53 About Uncirculated. Red 'SPECIMEN' overprint; all specimens in the black & white series of this era are very rare indeed.

Estimate: £3,500 - £4,500