Watch List notes:

Banque de l'Indochine, New Caledonia specimen 5 francs, ND (1926), serial number 0.00 000, brown on light green underprint, helmeted female head at low left, value at upper left and right, reverse text, value at low right, (Pick 36s), perforated SPECIMEN, in PMG holder, thinning, tear, 53 About Uncirculated, scarce.

Estimate: £150 - £200