Watch List notes:

(x) Institut d'emission Malagache, Malagasy Republic, a reverse progressive proof on large format paper for the reverse of a 5000 francs, ND (1966), multicoloured, woman and child at right, landscape in background, (Pick 60pp2, TBB B110 for type), in PMG holder 65 EPQ Gem Uncirculated, Archive of Engraver R. Armanelli, 1912-1969 and rare.

Estimate: £400 - £500