Watch List notes:

Republica dos Estado Unidos do Brasil, 200 mil reis, Estampa 10A (1905), serial number 50,079, blue on yellow, two allegorical maidens and ship, coastline at centre, reverse blue print, value at centre and at each corner, perforated CANCELLED. (Pick 75, Seppa BR424), a George Duval printing, a very presentable good, rare in any grade

($300-400)