Watch List notes:

THE UNION BANK OF AUSTRALIA LIMITED, uniform issue, specimen five pounds, Wellington, 1st October 1923., imprint of Waterlow & Sons Ltd London, Specimen note, Waterlow and Sons Ltd. 445 printed in top margin, overprinted specimen/Waterlow & Sons Ltd in red horizontally and diagonally on front and diagonally twice on back, two punch hole cancellations (L.544, P.S373, Clifford N841). This note is also a colour trial being different from the adopted colours having black and yellow on front and red on back. Uncirculated and very rare.

Ex Noble Numismatics Sale 81, March, 2006, (lot 2631).