Watch List notes:

Mercantile Bank of India, $100, cancelled, Shanghai,1.7.1916, serial number 00629, orange-red, black and blue, lakeside scene upper centre, reverse brown and black, Mercury at centre, stamped 'CANCELLED' in blue,(Pick S445), PMG 65EPQ Gem Uncirculated. The only note in the PMG population report. An exceedingly rare note.

Estimate: 60000 - 100000