Watch List notes:

Israel. Tel-Aviv Waad Notes. ND (1948-49), 50 & 100 Mils. P-Unlisted. These fractional tax coupons, issued by the municipality of Tel Aviv, are very scarce. They were issued in the early days of independence, when a shortage of change made it difficult for the municipality of Tel Aviv to collect taxes. These are considered high quality and are PMG graded About Unc. 53, rust and Extremely Fine 40, previously mounted, respectively. Estimated Value $400 - UP
Ex Raintree Collection.