Watch List notes:

Republica dos Estados Unidos do Brasil, 50 mil reis (5), 1936, Estampa 17A, purple on multicolour, portrait Xavier da Silveira at left, 100 mil reis (2), Estampa 17A, dark blue on multicolour, portrait Santos Dumont at right. (Pick 59, 71), Waterlow and Sons printing, fine to very fine (7)

($300-400)