Watch List notes:

British India, 1925, King George V, 5 Rupees, Signed by J.B. Taylor, N Prefix, S. No. N20 113669, Watermark Variety B, printed in England, (KJ & RR # 3.4.2), spindle holes at issue, minor insect damage, crisp, graded by PMG as 50 About Uncirculated, Very Rare in this grade.