Watch List notes:

(x) El Banco de Espana, 50 pesetas, 19 March 1905, red serial number 1268060, pale brown and white, Echegaray at left, leaf design at left and right, reverse green, cherubs and maiden at right, crown and lion at left(Pick 56), in PMG holder 64 Choice Uncirculated, rare.

Estimate: £3000 - £3500