Watch List notes:

Brazil. Republica dos Estados Unidos do Brazil. 500 Reis. No date (1893). P-1s. Black on yellow. Woman with sheep, left. Woman with helmet, right. Estampa 3, Series 159A. Plate B. Uncirculated. The margins are even, all around, but the top and bottom edges are a bit rough. A scarce note, with very few auction appearances, and the layout has great eye appeal. Bid accordingly.

($400-600)