Watch List notes:

Republica dos Estados Unidos do Brasil, a set from the 1926 issue comprising 10 mil reis (2), series 6A and 9A, serial numbers 014674 and 097016, 20 mil reis, serie 5A, serial number 047993 and 50 mil reis, serie 8A, serial number 031251, all black on multicolour underprint, portrait of allegorical woman at centre. (Pick 103, 104, 105), very fine (4)

($300-400)