Watch List notes:

Government of India, 50 rupees, 9 March 1920, serial number RD/40 75293, signature Denning,, (Pick A15g, Razack-Jhunjhunwalla 2A.4.3A.2, TBB B134c4), in PMG holder, spindle holes at issue, pinholes, annotations, 25 Very Fine. 50 rupees is the highest denomination for the large size red issues, very rare. Less then a handful of example seen.

Estimate: £5500 - £7000