Watch List notes:

British India, 1938, King George VI, 100 Rupees, Madras Circle, Signed by J B Taylor, Serial number in Black, A Prefix, S. No. A48 644033, (KJ & RR # 4.7.1F), staple holes at issue, strong watermark area, stains, folds, graded by PMG as 35 Choice Very Fine, Very Rare.