Watch List notes:

New Caledonia, Banque de l'Indochine, 20 francs, no date (1951-1958), prefix W.49, multicolour, youth at left, flute player at right, , the reverse shows a woman at right and fruit bowl at left, perforated 'ANNULE', 'Le Vice President Directeur General' variety, (Pick 50b), in PMG holder, perforation cancelled, staple holes, 63 Choice Uncirculated.

Estimate: £40 - £50