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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:  1927 Jan. 18 

Branch:  London

Value:  £5.00

No.   377/E  79373

Signed:  C. P. Mahon 

Obv. A fair clean note. Trace of centre crease 12 to 6 o'clock. There is traces of

         foxing or 'rust' marks' around the centre base.

Rev. Similar to obverse but appears slightly cleaner than the obverse. Looks better

         than the scan shows.

Grade:  Probably VF+ - If no trace of foxing (rust marks) it might have been EF?

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