Watch List notes:

(x) El Banco de Espana, 25 pesetas, 1 January 1884, serial number 1023741, dark grey on salmon pink underprint, bank title along top, woman and two girls in circular frame at centre flanked by value in patterned tablets, reverse, orange-red, bank arms at centre(Pick 24), in ICG holder 25, fine to very fine, rare.

Estimate: £1000 - £1200