Watch List notes:

Spain, Madrid, Vale Real (Public Debt), 200 pesos, 1824, no. 29977, black printing on yellow paper, Spanish Coat of arms at centre, boarder with animal symbols, public debt printed during the reign of Ferdinand VII of Spain, cancelled with cross written across note in brown ink, note was first issued under the reign of Carlos III along with François Cabarrus which started Banco de San Carlos, precursor of Banco de Espana,(Pick unlisted ), in PMG holder 50 about uncirculated, cancelled, previously mounted, sold first time in an auction of this quality, another note of inferior quality previously belonged to the Bank of Spain was auctioned in Spain in 1994, rare.

Estimate: £1,200 - £2,200