Watch List notes:

Government of India, 5 rupees, Lahore, 11 September 1913, serial number EC/89 64303, black and white, value in red-pink at centre and a red-pink guilloche top left and right, L infield low left and right for the Lahore issue, M.M.S.Gubbay signature low right, (Pick A5t, TBB B131.l3, Razack-Jhunjhunwalla 2A.1.4E.1), in PMG holder 25 Very Fine, spindle holes at issue, only 1 note on PMG Census, a very rare variety. Subject to 20% VAT on Buyer’s Premium. Not applicable to "Buy Now " offerings. For more information please view Terms and Conditions for Buyers.

Estimate: £ 2500 - £ 3500