Watch List notes:

THE UNION BANK OF AUSTRALIA LIMITED, uniform issue, specimen fifty pounds, Wellington, 1st October, 1923, imprint of Waterlow & Sons Ld London, specimen note, Waterlow and Sons Ltd. 446 printed on top margin, overprinted in red, specimen Waterlow & Sons Ltd vertically twice on front and diagonally once on front and twice on back, one punch hole cancellation (L.547, P.S376, Clifford N871). Minor corner fold top right otherwise, nearly uncirculated and rare.

Private purchase from John Pettit, November, 1999.