Watch List notes:

Mercantile Bank of India, $50, cancelled, Shanghai, 1.7.1916, serial number 01031, black, yellow and pink, sampans upper centre, reverse green and black, Mercury at centre, stamped 'CANCELLED' in blue,(Pick S444), PMG 65EPQ Gem Uncirculated. The only note in the PMG population report. An exceedingly rare note.

Estimate: 50000 - 80000