Watch List notes:

THE UNION BANK OF AUSTRALIA LIMITED, uniform issue, specimen five pounds, Wellington, 1st October, 1923. imprint of Waterlow & Sons Limited London, not numbered, with punch hole cancellations in signature and serial panels (L.544, P.S373, Clifford 841). Three minute pin-holes left margin otherwise nearly uncirculated and very rare.

Ex Noble Numismatics Sale 80, November, 2005, (lot 2977).