Watch List notes:

Banco de España, 25 Pesetas, Madrid, 24th September 1906, serial number B9969265, black on multicolour underprint, woman sitting at left, reverse, blue on orange underprint, shield of Spain,(Pick 57a), in PMG 64 EPQ choice uncirculated, Hdez & Dguez Family Collection,sold first time in an auction of this quality.

Estimate: £1,200 - £2,200