Watch List notes:

San Juan, Puerto Rico, Banco Espanol, 20 pesos specimen, ND (ca. 1889), series C, PMG Gem UNC 65 EPQ, finest and only known example in PMG census. SCWPM-22s. The Banco Espanol de Puerto Rico (1888-1913) held an important role in the development of Puerto Rico's economy up to the Spanish-American War and for some years after. The bank managed almost half of the financial business on the island. From 1890 to 1898, it was the only authority with note-issuing powers. Several series (A, B, C, and D) of bank notes were printed by the American Bank Note Company before the Spanish cession in 1898. However, research by Humberto Costa and Eduardo Rodriguez-Vazquez suggests that the series C notes were produced after series D (issued in late 1894) and were never circulated. Only specimens and proofs of the series C notes are known. This example displays a large vignette of the Paschal Lamb, an important symbol of Puerto Rico. It is accompanied by a vignette of some workers lifting a crate and surrounded with ornate bordering and orange / brown undertint. The reverse features the bank's title above the crowned Spanish arms in the center. The note has excellent centering, great paper quality (as noted by PMG), and original paper wave. Very rare, unpriced in any grade in the Standard Catalog. PMG #8049730-001.

Estimate: $1500-3000