Watch List notes:

Sociedad de Cambios Carmelo y Na Palmira, a partial set of remainders comprising 120 reis, red, rooster at top centre, 640 reis, mauve, bridge at centre, 1 patacon, green, horse at centre, and 3 patacones, black, bull at top centre. (Pick SS441, S445, S446, S447), very fine and rare (4)

($1500-2000)