Watch List notes:

(x) Banque de Syrie et du Liban, Lebanon, specimen 25 livres, 1945, zero serial numbers, (Pick 51s, Ayoub p.128/129, TBB B221s), star perforations, pink handstamp 'BILLET SPECIMEN NON REMBOURSABLE' at centre, in PMG holder, minor rust, pinholes, 55 About Uncirculated, scarce.

Estimate: £600 - £800