Watch List notes:

Hyderabad State, 1939, 5 Rupees, Signed by Ghulam Muhammad, S. No. PC 348617, in top centre "Currency Note Sarkar-e-Aali" in Urdu, "PAANCH RUPYE SICCA OSMANIA", promise text in words in the centre, (KJ & RR # 7.6.3), folds, pin holes, stained, small tears on the edges, choice very fine.