Watch List notes:

Republik Indonesia Serikat, 1949 Essay Specimen BanknoteIndonesia, ND, (ca.1949). Series 1-A. P-UNL5as, P-Unlisted, 5 Rupiah. Essay specimen banknote of a Security BNC proposed and never issued 1949 Indonesia banknote Series. Red specimen overprints, POC's and "00000" serial numbers. Front is black, back is olive green. Back of note has farmer plowing with oxen. Evidently Indonesia did not accept this issue. The face is PMG graded Superb Gem Uncirculated 67 EPQ and the back Gem Unc. 66 EPQ. Rare essay note and possibly the finest known. SBNC.

Estimate: 5500 - 11000 HKD