The subject of the auction is a PULSE folder, without the bill.
The portrait on the cover depicts Ignacy Matuszewski without his glasses. It is most likely that the folder was not approved for distribution, as it lacks a pasted bill holder.
A typical folder from Matuszewski depicts him in a shot exactly as seen on the test bill. Interestingly, the illustrations of this folder inside also differ from those used in the end. They outline the image of Matuszewski used in the watermark, where he is in a shot exactly the same as on the folder cover. Indeed, on all the test/promotional bills Matuszewski is depicted without his glasses in the watermark.
A very interesting item for those who collect PWPW prints expertly.
Light soiling of the cover.
Definitely recommended.
