Watch List notes:

States of Guernsey, specimen £1, 14 November 1928, no serial numbers, uniface, black on red panel, (Pick 12s, McCammon GN29 for type, BNB 122s), red SPECIMEN overprint at centre, SPECIMEN perforated, in PMG holder 63 Choice Uncirculated. First time seen and possibly the only known example, extremely rare.

Estimate: £2000 - £3000