Watch List notes:

THE UNION BANK OF AUSTRALIA LIMITED, fifth issue, ten pounds, Wellington 1st March 1905, No.3/N23620, imprint of Waterlow & Sons Ld. London, (L.537, [P.S364 unlisted], Clifford N551a). Pinholes, creases and folds, minor edge tears, otherwise very good and very rare.

Ex Gary Lavin Collection, Noble Numismatics Sale 69, March, 2002, (lot 3061).