Watch List notes:

British India, 1927, King George V, 100 Rupees, 1st Issue, Calcutta Circle (Black), Signed by H. Denning, S Prefix, S. No. S9 306876, Watermark type 1, printed in England, (KJ & RR # 3.10.1D), spindle holes at issue, minor stains, graded by PMG as 30 Very Fine, Extremely Rare.

Note: It is of the first issue of 100 Rupees bearing the portrait of King George V. These banknotes were printed on handmade paper in England.