Watch List notes:

Banque de l'Indo-Chine, Tahiti, specimen 20 Francs, ND (ca 1928), serial number 0.00 000, signatures of Stanislas Simon and Rene Thion de la Chaume, lilac-brown and multicoloured, woman with headdress at right, value in red at centre, reverse peacock, butterflies and tree trunk, value in red and red PAPEETE at left, perforated SPECIMEN, (Pick 12s), slight thinning, in PMG holder 63 Choice Uncirculated and scarce.

Estimate: £180 - £240