Watch List notes:

(x) Banco de Portugal, 20 mil reis, specimen/proof, ND (ca 1903), blue and orange, allegorical female figure at left and right, value in orange underprint at centre, reverse blue, D. Affonso Henriques at centre, helmeted female profile at left and right(Pick 82pr), in PCGS Currency holder 64 Very Choice New.

Estimate: £4500 - £6000