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The method I use to scan this white banknote greatly enhances the watermark.

However, it also accentuates any creases and marks that might have been.

The note appears better than it looks from the scan 

 

Date:  1937 January 28

Branch:  London

Value:  £5.00

No.   A/366 90473

Signed:  K. O. Peppiatt 

Obv. Very slight 'grease' mark at bottom centre (Does not really show up on the scan !) 

        Crease bottom left corner. Couple of pin-holes in centre of note !?

Rev. Slight ‘yellowing - top right behind Britannia. Trace of centre crease.

Grade: EF?

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