Watch List notes:

(x) Bank of New Zealand, a printer's archival specimen £5, 1 October 1925, serial number run 300,001 to 500,000, blue and multicoloured, portrait of King Tawhiao at left, value in guilloche at right and in each corner, reverse blue, green and brown, two Maoris in circle at left, arms at centre, two kiwis in rural scene in circle at right, (Pick S235s), perforated CANCELLED, ink date '7. 7. 25.' and annotations in top margin, in PMG holder 55 About Uncirculated, rare and attractive.

Estimate: £700 - £900