Watch List notes:

Milford & Pembrokeshire Bank (Chas Philipps, Thos Philipps & Co), £1, 19 May 1809, serial number U325, black and white, value at lower left and centre, arms at left, duty stamp at left, manuscript signature of Chas. Philipps at lower right, also 1 guinea, 11 December 1809, serial number 14/363, as previous, (Outing 1431b, 1431a), toned, damage in left field, the 1 guinea, mounting at reverse, almost very fine and a pleasing example, scarce in this grade (2) Laurence B. Butters Collection.

Estimate: £120 - £160