Watch List notes:

Republica dos Estados Unidos do Brasil, a partial set from the 1923 issue 1 mil reis (8), 2 mil reis (2), 5 mil reis, Estampa 1A (2), Estampa 2A (2), all with black print on multicolour. (Pick 110B, 111, 112, 113), very fine to uncirculated (14)

($250-300)