Watch List notes:

SWITZERLAND: Specimen of 5 Franken (22.10.1936) in red, blue and black on olive-green unpt with William Tell monument in Altdorf at left. S/N: "19 W". Red diagonal ovpt "SPECIMEN" at center. Three cancellation holes on signatures. Signatures by Blumer, Schaller & Weber. Inside holder by PCGS "Superb Gem New 67 PPQ / Hole Punch Cancelled". (Pick 11s).