Watch List notes:

National Bank of Egypt, £1, 1 May 1923, serial number V/11 023,741 blue and pink-red, the ruins at Karnak at left, value at centre and at each corner, Hornsby signature, reverse pink and green, value at centre, (Pick 12b), first prefix of the 1923 issue, about very fine, scarce.

Estimate: $520 - $650