Watch List notes:

British India, 1917, King George V, 1 Rupee, Universalised Circle, Rayed Star Watermark, Signed by H. Denning, S Prefix, S. No. S54 178090, (KJ & RR # 3.1.3), Correct Gujarati, annotation, holes, stains, folds, graffiti, graded by PMG as 25 Very Fine, Extremely Rare.