Watch List notes:

The Hongkong and Shanghai Banking Corporation, $5, uniface obverse and reverse colour trial progress proof, Shanghai, no date (type of 1923), green on orange and purple, bank arms at upper centre, '5' at each corner, reverse in similar colours, allegorical female figure 'Agriculture',(Pick S353p), both sides graded PMG 64 (Paper Pulls). Very rare and first time seen by the cataloguer.

Estimate: 35000 - 50000