Watch List notes:

Bonus Do Thesouro, Decree of 14.7.1932; First Issue. 1932, 5 Mil Reis, P-S861a, Without imprint, Issued banknote, black on orange underprint, portrait of D.J.Velho, back brown. Note is in PMG holder graded "45 Extremely Fine", toning on the LR corner, scarce in high grade.

Estimate: 90 - 180