Watch List notes:

Republica dos Estados Unidos do Brasil, a set from the 1926 issue comprising 10 mil reis, serie 8A, serial number 060087, 20 mil reis, serie 2A, serial number 058323 and 50 mil reis, serie 10A, serial number 038652, all black on multicolour underprint, portrait of allegorical woman at centre. (Pick 103, 104, 105), very fine (3)

($300-400)