Watch List notes:

Central Bank of the Federation of Malaya, Photo model for a spectacular proposed $50 note for the new Federation of Malaya, On 31 August 1957 Malaya received its independence. In anticipation, prototype banknotes were prepared in the name of the proposed Central Bank. An exceptional example of these appears here.

Note that the Borneo states of North Borneo, Brunei, and Sarawak are missing from the title and shields. As will be seen by the subsequent note, at this point it was intended that Malaya and Borneo would go separate ways.

Note that the July date is essentially identical to that which appears on the following North Borneo, Brunei & Sarawak Currency Board note.(Pick unlisted), PCGS Currency 64 Very Choice New. No notes bearing this title has ever been issued and a beautiful design.

Estimate: $35,000.00 - $50,000.00