Watch List notes:

Banco Espanol Filipino de Isabel II, Spanish Philippines, specimen/unissued 25 Pesos, Manila, 1st January 1865, serial number 007825, black text on blue watermarked paper, two counterfoils, crowned portrait of Queen Isabel II in circular frame at top centre flanked by values in ornate guilloche patterns, ornate calligraphy along left and right margins,(Pick A2), left counterfoil folded, otherwise almost uncirculated, incredibly rare.

Estimate: £5,000 - £8,000