Watch List notes:

MOROCCO. State Bank of Morocco. Specimen 500 Francs 0-00-00 (1923-37). Series 0.000, serial number 00000000. Pick cf. 15a. . tears on the margins, one corner cut (3 mm), two small abrasions, otherwise XF-AU

With watermark. "SPECIMEN" perforated, and overprinted in black on face and back. Very rare.