Watch List notes:

(x) El Banco de Espana, 25 pesetas, 17 May 1899, serial number G197513, blue on light green underprint, portrait Francisco de Quevedo at left, value in ribbon at centre, reverse brown, medallion at centre, depiction of Hermes at right(Pick 49), in PMG holder 45, Choice Extremely Fine, rare in this grade.

Estimate: £700 - £900