Watch List notes:

Banco da Bahia, unissued 25 mil reis, 4 Serie, ND (18850, black and grey with a red and green central panel, mule train to centre, counterfoil at left. (Pick S387), a specimen and not a remainder, perforated SPECIMEN B.W.& Co. LONDON, a Bradbury Wilkinson engraving, extremely fine

($300-400)