Watch List notes:

The Chartered Bank of India, Australia and China, $25, specimen, Tientsin, no date (type of 1917), without serial numbers, green borders, pink-purple, bank coat of arms at upper centre, '$25' to both sides, 'TWENTY FIVE' in red underprint, printed black manuscript signature at lower right, reverse green, bank title and denomination in English, perforated 'CANCELLED' at lower right,(Pick S204r), PMG 55 About Uncirculated and a very rare denomination. Only one of three graded in the PMG population report.

Estimate: 90000 - 130000