Watch List notes:

Twenty Pounds Catterns White note World War II German Operation BERNHARD forgery B230OB dated 20th August 1932 serial number 46/M 77696, VF - GVF with multiple pinholes in body and hand stamped "VALS" where S is inked in pen translating from Dutch - False or Counterfeit. Although the operation was not successful, it had an enormous potential as at the time the Bank of England's specialists called these forgeries "the best they have seen" and if the mission was successful it would've had a devastating effect on the economy, up to 9 million Bernhard notes were produced to the amount of £134 million - a figure representing 10% of the total banknotes in circulation in the UK at the time.

Estimate: 50-80 GBP