Watch List notes:

GREAT BRITAIN, Bank of England, Operation Bernhard forgery, five pounds, London, 23 August 1937, No. B/139 52312, 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 181, SCWPM 335. Pin holes edge wear, good very fine.