Watch List notes:

Algeria: Banque de l'Algérie, lot with 3 banknotes, 1947-48 series, with 20 Francs 1948 (P.103, VF/VF+), 1.000 Francs 1947 (P.104, VG/F-, border tears and teras at center) and 5.000 Francs 1947 (P.105, very nice VF/VF+, pinholes and minor spots). (3 pcs.)
[taxed under margin system]