Watch List notes:

AUSTRALIA'S 150TH ANNIVERSARY, 1788-1938, in bronze (57mm) (C.1938/7), by Amor. Beautiful chocolate coloured striking, a few small marks otherwise uncirculated and rarely seen in bronze.

There are two small marks on Phillip's cheek that appear to have been made in minting and possibly that is why it has not been issued, or alternatively it has been retained for the Amor archive collection.