Watch List notes:

Hyderabad State, 1946, 1 Rupee, Signed by C.V.S. Rao, AG Prefix, S. No. AG/9 187225, "Sarkar-e-Ali" and "EK RUPYA SICCA OSMANIA" in Urdu, (KJ & RR # 7.3.6/RM & AM # H1.2), exceptional paper quality, staple holes at issue, graded by PMG as 64 Choice Uncirculated EPQ, Top-Pop and highest graded, Extremely Rare in this grade.

Note: It is the highest graded banknote on the PMG census with the signature of C.V.S. Rao, a lesser grade PMG 63 was sold for Rs. 80,000 in our July 2020 auction.