Watch List notes:

Germany, 20 Mark, 1910, VF, B204e10 (Letter M), 1883 - 1922 Imperial Issues. The second Reichsbank series circulated for 40 years. All carry the imperial crown and eagle. The 100- and 1,000-mark notes in 1898 were the first banknotes in the world to employ the Unterdruckbuchstabe ("underprint letter;" abbreviated in this catalog as "Letter"), a large stylized capital letter, generally gray, within the underprint.
($3)