Watch List notes:

Iran. Pahlavi. Bank Melli Iran. Specimen 50 Rials. (SH 1311 - 1932). P-21s. 00000. Olive on multicolor. Reza Shah at left, Palace of the 40 Columns at right; Lion and Sun Arms at center. SPECIMEN in red diagonally twice on front, two punch cancel. American Bank Note Co..

Estimate: $400 - $500