

This is a 1973 Afghanistan 20 Afghanis specimen banknote (Pick P-48as) in uncirculated condition, featuring a striking purple and multicolored design with President Muhammad Daud's formal portrait on the obverse. The reverse displays a panoramic cityscape of Kabul with mountains and a river, characteristic of Afghan banknote imagery from this era. Both sides bear prominent red 'SPECIMEN' overprints and two punch-hole cancellations typical of specimen notes, making this a particularly interesting example for collectors of Afghan currency or historical government specimens.
Common. The eBay sales data shows consistent sales in the $3-7 range across multiple years (2013-2023) with moderate bidding activity, indicating steady collector demand but abundant supply. The 2019 catalogue value of $3 for UNC specimens and the regular appearance of this note in the secondary market confirm it is a frequently encountered note. This is not a scarce or rare issue—print runs during this period were substantial, and specimens are readily available to collectors.
Issued by Da Afghanistan Bank during the 1352-1356 SH period (1973-1977), this note commemorates the reign of President Muhammad Daud, whose portrait appears as both the primary obverse vignette and as a watermark. The depiction of Kabul's urban landscape on the reverse reflects Afghanistan's modernization efforts during the early 1970s, a period of relative stability before the political upheavals that would follow. The bilingual presentation in both Dari/Arabic script and English numerals demonstrates the nation's international engagement during this transitional period.
The obverse features a formal left-facing portrait of President Muhammad Daud Khan in business suit and tie, positioned in the left third of the note, framed by ornate circular seals and Islamic geometric border patterns in purple, violet, and cream tones. The reverse depicts a panoramic landscape view of Kabul, Afghanistan's capital, showing the urban cityscape with multiple buildings and structures, a river (likely the Kabul River) in the foreground with its characteristic curved course, and a mountain range forming the background—a standard iconographic element for Afghan currency emphasizing national geography and urban development. Both sides employ intricate Islamic-style geometric and wave-pattern decorations in the borders and margins, consistent with Da Afghanistan Bank's design standards for this denomination and period.
Front: '20' and 'AFGHANIS' in English numerals and Latin script; 'SPECIMEN' overprinted in red; Arabic/Dari script text at top identifying the issuer (Da Afghanistan Bank) and denomination. Back: '20' and 'AFGHANIS' in bottom right corner in English; 'SPECIMEN' overprinted in red across center; Arabic/Dari script text at top of reverse. Full transliteration of Dari text requires specialized expertise, but standard denominations and issuer identification are present on both sides.
Multi-color offset lithography with intaglio elements, typical of 1970s-era banknote production by international security printers. The fine detail in the portrait, geometric patterns, and landscape elements, combined with the color separation and registration visible in the observation, indicates professional security printing. The precise overprinting of the red 'SPECIMEN' text and punch cancellations were applied as post-production specimen markings in accordance with central bank protocols.
This note is catalogued as P-48as (the 's' suffix indicating it is a specimen note with overprint and punch cancellation). Per the PMG population report, variants exist for this base Pick number (P-48b*, P-48c, P-48s), though the catalog data indicates this particular example is the standard specimen variant. Serial number details and signature varieties would require examination of the actual serial number panel and signature block, which are not clearly visible in the provided visual analysis.