Watch List notes:

(x) Union Bank of Australia Limited, New Zealand, colour trial specimen £1, 1st October 1923, specimen number 444, black on green and yellow, Queen Victoria at left, Britannia and symbols of commerce at top centre, reverse, blue,, (Pick S372cts), perforated, red 'SPECIMEN WATERLOW & SONS LTD' in field, in PMG holder, previously mounted, imprint panel attached (Specimen Note, Waterlow & Son Ltd), 63 Choice Uncirculated, scarce.

Estimate: £300 - £400