Watch List notes:

Republik Indonesia Unlisted 1948 Issue Essay Specimen Banknote.Indonesia, P-Unlisted, 1948, 100 Rupiah. Essay specimen banknote of a Security BNC proposed and never issued 1948 Indonesia banknote Series. Note is dated September 1, 1948; Series 1-A. Front is maroon, back is maroon. Back of note has farmer plowing with oxen. Evidently Indonesia did not accept this issue. PMG graded Choice Uncirculated 64. Rare essay note. SBNC.

Estimate: 4500 - 9000 HKD