Watch List notes:

Brazil. Republica dos Estados Unidos do Brazil. 5 mil reis (3), ND (1913), Estampa 14A, black and multicolour, B.do Rio Branco at centre, 20 mil reis, ND (1912), Estampa 13A, serial number 64683, black and muticolour, allegorical maiden at centre, (Picl 24, 45). The 5 mil reis fine to very fine, the 20 mil reis very good (4).

($150-200)