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The method I use to scan this white banknote greatly enhances the watermark.

However, it also accentuates any creases and marks that might have been.

The note appears better than it looks from the scan 

 

Date:  1922 March 13 

Branch:  London

Value:  £5.00

No.   C/91 43475  

Signed:  E. M. Harvey

Obv. Ex- folded in 8.  Very faint rubber stamp (bottom centre)  Possibly reads: 

         Lloyds Bank Limited,  ?? Tottenham Court Road, London W

Rev. Dirty back especially in lower left (2nd square)   Note is now reasonably flat

Grade:  VF+/F+ 

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