Watch List notes:

Banque d'etat du Maroc, specimen 5 francs, ND (1941), brown, red, and blue, French text, arabesque pattern, denomination at upper left, reverse, Arabic text, arabesque pattern, watermark, lion's head, (Pick 23Abs, TBB B205s), perforated SPECIMEN, in PMG holder, staple holes, 53 About Uncirculated.

Estimate: £300 - £350