Watch List notes:

(x) Keeling Cocos Islands, 1/4 rupee, 1897, manuscript serial number 468, black text on cardlike paper, value in red circular frame top left, arms top centre, manuscript signature of George Clunies Ross low right, (Pick S117), in PMG holder 25 Very Fine. The early vellum issues (1887-1888) very rare, the later 1902 issue relatively common. At time of cataloguing only two other examples of the 1/4 rupee recorded on Track and Price and this a higher grade. This series of 1897 elusive and rare.

Estimate: £300 - £400