Watch List notes:

(x) El Banco de Espana, a group (3) of watermark sketches comprising an unissued 500 Peseta note dated 4 December 1934, featuring Menendez y Pelayo (1856-1912); watermark sketch for an unissued 25 Peseta note dated 30 April 1936, featuring Menandez y Pelayo; also watermark sketch for an unissued 5000 Peseta note dated 3 November 1938, all mounted on card with a tissue paper overlay, two sold with De La Rue envelopes(Pick not listed), most unusual, unique and a fascinating insight into the work behind the design creation of banknotes (3).

Estimate: £300 - £400