Watch List notes:

Republik Indonesia, 1948 Essay Banknote Specimen. Republik Indonesia, 1948 Essay Banknote Specimen.Indonesia, 1948. 25 Rupiah, Series 1-A. P-Unlisted (Unlisted25a), Essay specimen banknote by Security BNC of a proposed and never issued 1948 Indonesia banknote Series. Red specimen overprints, POC's and "00000" serial numbers. Small red printing on upper right margin of face reads " 11-9-48 FA" and back "11-9-48 BC". Front is brown with portrait of Sukarno in middle, back is brown with farmer plowing with oxen. Evidently Indonesia did not accept this issue. PMG graded Gem Uncirculated 66 EPQ, Rare essay note. SBNC.

Estimate: 4700-9300 HKD