Watch List notes:

Armenia: Erivan Branch of Government Bank, lot with 5 banknotes, 1919-1920 series, with 5 Rubles (P.14a, UNC), 10 Rubles (P.15a, XF+/aUNC, previously mounted), 25 Rubles (P.16a, VF) and 2x 5.000 Rubles (P.28a,c, XF and F-). (5 pcs.)
[taxed under margin system]