Watch List notes:

MADAGASCAR: 5 Francs (ND 1937) in red-brown on blue and green unpt with head of Goddess Juno at left. S/N: "J.1862 209". Printed by Chaix-Paris (without imprint). Inside holder by PMG "About Uncirculated 55 - Pinhole". (Pick 35) & (Spink BDM B2b).