Watch List notes:

Bhutan, 1981, Specimen 1 Ngultrum, S. No. A/1 0000000, red specimen overprint, red De La Rue seals, Royal emblem between facing dragons at the center, Simtokha Dzong palace, Specimen No. 029 printed on the obverse, printed by Thomas de la Rue, (Pick #5), apparent hole punch cancelled, exceptional paper quality, graded by PMG as 65 Gem Uncirculated EPQ.