Watch List notes:

Treasury Series, John Bradbury, first issue £1, ND (7 August 1914), serial number L/40 8653, dash, black and white, head of George V in vertical panel at left; G above, R below, value in black panel at centre, pound symbol at right,, (EPM T4.1, Banknote Yearbook TR11a, Pick 347), in PMG holder, pinholes, 30 Very Fine, Inverted watermark, very rare with only a four digit serial number, ex Spink 2011.

Estimate: £600 - £800