Watch List notes:

Waterlow & Sons Ltd Banknote Advertising/Promotional Note, portrait of Sir Philip Waterlow at the centre, blue, (c.1950s) reverse inverted, and Waterlow & Sons advertising/promotional note, green/brown, upright format with ship and steam train at a dockyard in a vignette at the top, the reverse with the companies factory and works in 7 vignettes on the reverse, the two items joined in the centre, (stitched ?) 140mm x 213mm, VF trimmed at the lower left edge

Estimate: 20-50 GBP