Watch List notes:

Great Britain: Very nice set with 3 BERNHARD-Forgeries, all with signature K. O. PEPPIATT, comprising 5 Pounds, London March 7th 1936 with prefix A/290 and serial 31069 (P.335ax, F/F+ with smaller taped tears), 20 Pounds, London September 20th 1934 with prefix 49/M and serial 16028 (P.337ax, torn into two halfs) and 50 Pounds London March 18th 1938 with prefix 61/N and serial 82211 (P.338ax, F/F- with larger tears and stains). Very nice set! (3 pcs.)
[taxed under margin system]