Watch List notes:

British India, 1925, King George V, 5 Rupees, Signed by J.B. Taylor, L Prefix, S. No. L99 569495, Watermark Variety B, printed in England, (KJ & RR # 3.4.2), spindle holes at issue, exceptional paper quality, crisp, fold, minor stains, graded by PMG as 45 Choice Extremely Fine EPQ, Very Rare in this grade.