Watch List notes:

Brazil. Republica dos Estados Unidos do Brazil. 100 Mil Reis. December 18, 1926. P-106s. Black on multicolor guilloche. Woman in oval frame at center. 000000 and SPECIMEN in red, twice. Green back with bank building. ABNC. Uncirculated. Pinholes and small staple in jumbo margin at the top.

($400-600)