Auction 333-341 Australian States & Commonwealth of Australia and New Zealand – The ‚KOOYONG‘ Collection - Day 2

1931 (Jan 1): Waterlow 50th Anniversary $ 5 black & purple, progressive Die Proof in the issued colours, vignette in an unfinished state the motto "Pergo Et Perago" yet to be engraved on the blank scroll at foot. Printed on wove paper (64 x 76mm.), deep colour, showing guidelines on four points. Minor wrinkles and faint marks at upper corners (from archival mounting), otherwise fine. An interesting and scarce example of the top value.