Watch List notes:

Operation Bernhard, K.O. Peppiatt, £10, London, 19 April 1934, K/134 52343, (EPM B242*), very fine, pinhole at top margin. An early Peppiatt Bernhard that precedes the usual dates. Peppiatt became Chief Cashier on 18th April 1934. Scarce.

Estimate: £150 - £200