Watch List notes:

(x) Portugal, Banco de Portugal, 100 escudos, 5.2.1920, serial number 1AM 01,810, deep blue on multicolour, scene depicting the 'Discovery of Brazil' with local indigenous peoples, ships and portrait of P. Alvares Cabral, reverse brown and multicolour, busts left and right, central vignette of Cabral's arrival,(Pick 116), in PMG holder 45 NET Choice Extremely Fine, Repaired and Small Tear. An extremely rare high-denomination note and a most attractive design.

Estimate: £1800 - £2400