Watch List notes:

Belgium: Armée Belge / Belgisch Leger, set with 3 vouchers issued in 1946 for Belgian troups stationed in Germany after WWII, including 1 Franc (P.M21, F+/VF), 10 Francs (P.M4a, F/F-) and 20 Francs (P.M5a, F). (3 pcs.)
[taxed under margin system]