Natural, not heavily circulated with very good presentation.
An actual, typological, very high rarity among the Lodz Ghetto banknotes - 20 mk of early issue, issued on watermarked paper.
A few fractures, quite strong, but clean and without rubbing on the backs or dirt penetration. Noticeable weakening of the paper at the junction of the middle fracture with the top edge, but no tears.
A very attractive item.