Watch List notes:

THE UNION BANK OF AUSTRALIA LIMITED, uniform issue, specimen fifty pounds, Wellington, 1st October, 1923, imprint of Waterlow & Sons Ld London, not numbered, with punch hole cancellations in signature and serial [panels (L.547, P.S376, Clifford N871 [this note]). Two minute pin-holes left margin otherwise nearly uncirculated and very rare.

Ex Noble Numismatics Sale 80, November, 2005, (lot 2981).