Watch List notes:

Montenegro: Ministry of Finance, set with 5 banknotes of the 1912 issue with 1 Perper P.1 (F- with 4 cm tear), 2 Perpera P.2 (F- with taped tear), 2x 5 Perpera P.3b (F, F+) and 10 Perpera P.4b (F/+ with restored and closed cancellation holes)). (5 pcs.)
[taxed under margin system]