Watch List notes:

Banque de l'Indo-Chine, New Caledonia, specimen 20 Francs, ND (ca 1929), serial number 0.00 000, signatures of Stanislas Simon and Rene Thion de la Chaume, lilac-brown and multicoloured, woman with headdress at right, reverse peacock, butterflies and tree trunk, perforated SPECIMEN, (Pick 37s), in PMG holder, previously mounted, 53 About Uncirculated, scarce.

Estimate: £200 - £250