Watch List notes:

(x) Portugal, Banco de Portugal, a printer's final proof of an unissued 2.50 Escudos, ND (1922), without serial numbers or signatures, red ink stamp 'Approvado 14 Nov 1922' and signature at upper left, deep green on pale green and brown underprint, woman at right, reverse green on blue, green and yellow underprint, fisherman at left, arms at upper centre, value on each side, perforated CANCELLED,(Pick unlisted), light folds at left, an excessively rare proof of an unissued note and very interesting that the design was not issued despite being approved.

Estimate: £1200 - £1500