Watch List notes:

Brazil. Republica dos Estados Unidos do Brazil. 500 Mil Reis. No date (1908). P-86s. Black on multicolor. Woman with sword and trumpet, left. Woman with wreath and palm branch, right. Estampa 9A Series 1A. Orange back. ABNC. Almost Uncirculated. The paper has some small bends, but no hard folds. Jumbo top margin with ABNC registration markings and partial plate number. Perhaps "Uncirculated with archival handling" might best describe this note.

($2500-3500)