Watch List notes:

Montenegro: Nice lot with 4 banknotes of the 25.07.1914 "Large Arms on Front and Back" issue with 5 Perpera P.9b (F- with tears), 10 Perpera P.10 (F), 20 Perpera P.11 (F/F+) and 50 Perpera P.12 (F- with tears). (4 pcs.)
[taxed under margin system]