Watch List notes:

Ipswich Bank, (Bacon, Cobbold, Tollemache & Co.), proof £5, 18- (1885-87), no serial numbers, uniface, black and white with 'FIVE' underprint in blue, arms at centre,, (Outing 1045 partnership listed but not seen), minor tape at reverse, pinholes, lower left corner crease, about uncirculated. Previously unseen, extremely rare.

Estimate: £200 - £300