Watch List notes:

GREAT BRITAIN, Bank of England, Operation Bernhard Forgery, fifty pounds, London, 15 June 1935, No.55/N 82684, Peppiatt signature, Operation Bernhard forgeries were almost perfect counterfeits produced by prisoners in the German concentration camp Sachsenhausen during World War II, the enterprise was code named 'Operation Bernhard', (S&B184 SCWPM338). Edge tears, centre fold holes, stained edges, otherwise fine.