Watch List notes:

GREAT BRITAIN, Bank of England, Operation Bernhard Forgery, ten pounds, London, 18 march 1936, No. K/164 35833, 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&B 182 SCWPM336). Several minor worm holes, edge and centre tears, otherwise fine.