Watch List notes:

BANKNOTES, JAPAN Great Imperial Japanese National Bank. Yen, undated (1877). (Pick 20). In PMG holder graded Fine-12 Net, Repaired, Rust, creases, rust and damage as expected for the grade, but the original design, especially the face details of the sailors, is very well conserved with even toning and plenty of details, a well executed old repair at the right top to cover a missing part of the edge.
A very popular early Japanese note is an ideal pair with the 5-Yen in the following lot

Estimate: $ 1,000.