Watch List notes:

China: 1913 5% Reorganization Gold Loan, 20 pounds bond, number 789884, large vertical format, Mercury and dynamo at top, copper brown guilloché borders, orange and yellow underprint, English, German, French and Russian text, one large seal signature at bottom centre, with coupons, About Extremely Fine, toned at the edges.

Estimate: 800 - 1500