Watch List notes:

Bank Melli Iran, 500 rials, ND (1938), Farsi serial number B/476990, (Pick 37b, TBB B131b), in PMG holder, minor repairs, trimmed, ink, 20 NET Very Fine. One of only two graded example on PMG Census. This type with Farsi serial number much scarcer then the western serial numbers..

Estimate: £500 - £700