Watch List notes:

(x) Timor, Banco Nacional Ultramarino, 10 patacas, colour trial specimen, 16.11.1945, specimen number 654, blue-green, huts at left, denomination at each corner, shield within wreath at right, 'SPECIMEN WATERLOW AND SONS LTD.' in red, hole punch cancelled,, (Pick 18cts), in PMG holder, stains, previously mounted, 62 Uncirculated.

Estimate: £800 - £1,200