Watch List notes:

Banco de España, 25 Pesetas, Madrid, 1st July 1884, serial number 1628832, black on ochre, Ramón de Santillán at centre with denomination at both sides, reverse, blue, watermark, 25, "BE" (Banco Espana),(Pick 29), in PMG 40 NET extremely fine, repaired, rare.

Estimate: £1,500 - £3,500