Watch List notes:

Banque de l'Indo-Chine, New Caledonia, 500 Francs, 27 December 1927, serial number S.2 670, lilac-brown and olive, woman standing at left, ships at top centre, symbols of agriculture and pproduce in borders, signatures of Stanislas Simon and Rene Thion de la Chaume, reverse woman standing at right, trees at upper left, (Pick 38, KM417a), minor mounting traces, pinholes, perforated ANNULE, good very fine and rare in issued format.

Estimate: £500 - £700