Watch List notes:

Pakistan Government of Pakistan 5 Rupees ND (1948) Pick 2 Jhunjhunwalla-Razack 5.19.1 PMG Choice Uncirculated 64. An always desirable provisional type, seldom seen above the Very Fine grade point. Completely Uncirculated paper is easily seen on this example, which features the customary staple holes at issue. A very light spot on the reverse margin prevents EPQ status on this otherwise terrific example, which is far better than typically seen. These overprinted British India types were issued hastily to meet currency needs and were phased out once Thomas de la Rue could deliver the first series of Pakistani banknotes, which occurred in October of 1948. A similar note in same grade sold for $9000 with premium (lot 26162)