Watch List notes:

Bhutan, 1981, Specimen 20 Ngultrum, S. No. E/1 0000000, red specimen overprint, red De La Rue seals, Jigme Dorji Wangchuck at right, royal emblem at left, Ounakha Dzong palace at the center, Specimen No. 094 printed on the obverse, printed by Thomas de la Rue, (Pick #9), apparent hole punch cancelled, exceptional paper quality, graded by PMG as 64 Choice Uncirculated EPQ.