Watch List notes:

Republica dos Estados Unidos do Brasil, 2 mil reis, 1920, Estampa 13A, serial number 012,445, blue on orange, portrait J Murtinho at centre, 2 mil reis (2), 1921, Estampa 14A, blue on olive green, portrait J Murtinho at left. (Pick 15, 16), first original extremely fine, visible embossing, a lovely example, the remaining two about very fine, one with foxing (3)

($300-400)