Watch List notes:

(x) Imperial Bank of Persia, colour trial 5 tomans, Teheran, ND (1924-32), specimen number 470, blue, mauve and pale green, Shah Muzzafar-al-Din at right, value at centre and at each corner, two printed signatures low centre, reverse blue and white, value at centre, left and at each corner, (Pick 13cts), perforated, red 'SPECIMEN WATERLOW & SONS LTD' in field, in PMG holder, previously mounted, 63 Choice Uncirculated, very rare!.

Estimate: £1,500 - £2,000