Watch List notes:

IRAN: 5 Rials (ND 1944) in reddish brown on light green and pink unpt. First portrait of Shah Pahlavi in army uniform at right on face. S/N: "A/W 103438". WMK: Imperial crown. Printed by (H&S). Inside holder by PMG "About Uncirculated 55 EPQ". (Pick 39).