Watch List notes:

Republica del Paraguay, 50 centavos (3), 1894, black and orange, arms at centre, 1 peso, pink and pale blue and 5 pesos, orange and pale blue, arms in field, three signatures in field. (Pick 87, 88, 89, Seppa PA125, 127, 130), one 50 centavos VG, balance about very fine, scarce (5)

($350-400)