Watch List notes:

(x) Portugal, Banco de Portugal, 500 escudos, specimen/proof, ND (1928), serial number 1L 000,000, red-brown and blue on multicoloured underprint, portrait of Duque de Palmella at upper right, castle at lower left, arms at top centre, reverse green, bank arms at left, horses and carts beneath two trees at centre, one punch hole, stamped in blue 'APPROVADO SESSAO DE 4 DEZ 1928' (4.12.1928), and this validated by two hand-signed signatures, likely from bank officials,(Pick 141s), in PCGS holder 53 About New, enclosed with the original envelope from the printer, likley a unique note given the above context. A particularly pleasing example.

Estimate: £3000 - £4000