Watch List notes:

BRAZIL. Republica Dos Estados Unidos Do Brazil. 50 Mil Reis, ND (1912). P-54. Perforated Cancelled.
E.12A. A rare higher denomination note that is the first we have handled for the catalog number. It shows with a large perforation cancel across the note but is otherwise fully Uncirculated. The only piece PMG has listed in their population report. PMG Choice Uncirculated 64.

Estimate: $700.00- $1000.00