Watch List notes:

Banco de España, 100 pesetas, Madrid, 10th January 1884, serial number 286506, black on orange, economist Juan Álvarez Mendizábal at right, group of cherubs at left, reverse, orange,(Pick 26), in PMG 35 EPQ choice very fine, Hdez & Dguez Family Collection, sold first time in an auction of this quality.

Estimate: £1,500 - £3,000