Watch List notes:

Banque d'etat du Maroc, specimen 100 francs, 10th November 1948, serial number A.1 00998, multicolour, French text, Kasbah (fortress) of Ait-Ben-Haddou, denomination at lower left and right, reverse, Arabic text, arabesque pattern, watermark, lion's head facing forward at left and in profile at right, (Pick 45s, TBB B228as), black SPECIMEN overprint, in PMG holder, staple holes, archival specimen, 53 About Uncirculated.

Estimate: £180 - £220