Watch List notes:

Russia: North Caucasus, Yessentuki treasury, 50 Rubles ND(1918), P.NL (Kardakov 7.24.1), like the State issue 50 Rubles 1917 P.37C with additional stamp from the Yessentuki treasure at left border, well worn condition with yellowed paper, many folds, tiny tears along the borders and small hole at center. Condition: F-
[taxed under margin system]