Watch List notes:

Bank of England, Peppiatt, Operation Bernhard, £20, London, 7-6-1937, #54M 32785 (Dugg. 243; WPM 337a). Important, German produced, NOT a Bank of England issue. Pinholes, edge nicks, mainly 1-2mm, 5mm tear bottom left, NVF.
(65-80 GBP)