Watch List notes:

Russia, State Credit Note, obverse and reverse uniface specimen 25 rubles (2), ND (1899), obverse, lilac on multicolour underprint, denomination at each corner in different shade, Allegory of Russia with shield and two seated children at left, reverse, value at centre right with six heads around, (Pick 7s1, 7s2, RPM 1.14.73O), perforated specimen (obrazets) in Cyrillic, in PMG holders obverse 64 EPQ Choice Uncirculated, reverse 66 EPQ Gem Uncirculated, high grade and very scarce (2).

Estimate: £1,500 - £2,000