Watch List notes:

Brazil. Republica dos Estados Unidos do Brazil. 20 Mil Reis. No date (1919). P-46. Blue on multicolor. Portrait of Manuel Deodoro do Fonseca. Estampa 14A. Series 11A. 000000 twice in red. SPECIMEN in red, twice. Brown back. ABNC. Almost Uncirculated. Pinholes.

($100-150)