Watch List notes:

(x) El Banco de Espana, obverse and reverse stage proofs for 5000 Pesetas (5), Barcelona, 28 January 1938, the obverse in three parts, first without the portrait of Mariano Fortuny, second just the portrait, and third the underprint, reverse in two parts, first Fortuny's picture 'La Vicaria', second underprint(Pick 92 proofs), typed date '9. 9. 38.' and typed annotations on obverse and reverse, mounting traces, otherwise good extremely fine to about uncirculated and excessively rare proofs for a very rare unissued note (5).

Estimate: £2000 - £3000