Watch List notes:

U.S.S.R., State Bank notes, 5 chervontsev, 1928, red serial number AR 540901, black and white, arms at top and low left, value low right, onnate script at centre, (Pick 200b, Goryanov/Muradyan 2.18.12.18.11), in PMG holder, previously mounted, mounting remnants attached, 25 Very Fine, only a handful of examples listed on Track and Price with the highest grade 12 at time of cataloguing, scarce.

Estimate: £250 - £350