Watch List notes:

British India, 1928, King George V, 100 Rupees, 2nd Issue, Lahore Circle (Large Green), Signed by J.W. Kelly, T Prefix, S. No. T28 796748, Watermark type 2, printed in Nasik, (KJ & RR # 3.10.3E), repaired, annotations, stains, folds, graded by PMG as 25 Very Fine NET, Extremely Rare.