States of Guernsey, watermarked paper showing the STATES OF GUERNSEY design used for an astonishingly long period of time, and on all banknotes issued between 1925 and the invasion of 1940, and then again from the liberation in 1945 until 1966, glued into a cream paper frame, ink annotations on frame and paper, as produced, very rare
Pick 10-16, 42-44 £100-£150

Provenance: These items are directly from the Portals Paper Archive
This example is from the earlier period (c.1925-30)