Watch List notes:

Republik Indonesia, 1948 Essay Banknote Specimen.Indonesia, 1948. 25 Rupiah, Series 1-A. P-Unlisted (PMG designates this note Pick# UNL25pe), Essay specimen banknote by Security BNC of a proposed and never issued 1948 Indonesia banknote Series. Front is brown with portrait of Sukarno in middle, back is brown with farmer plowing with oxen. PMG graded Gem Uncirculated 66 EPQ, Rare essay note. SBNC.

Estimate: 5500 - 11000 HKD