Watch List notes:

Bank of England, C.P. Mahon, specimen £50, London 9 April 1925, serial number 04/Q 00000, black and white, ornate crowned vignette of Britannia top left, 'I promise to pay to Bearer on demand the sum of Fifty Pounds' in text at centre, value in black tablet low left, printed serial number, date and signature,, (EPM B218s, Pick 323s), red 'SPECIMEN' overprint, in PMG holder 45 Extremely Fine and very rare.

Estimate: £10,000 - £12,000