Watch List notes:

(x) Portugal, Banco de Portugal, 500 escudos, specimen/proof, without date (1932) or serial numbers, brown-violet and blue on multicolour, portrait of J. da Silva Carvalho at left, reverse green, riverside wall at centre, bust of Liberty at right, handwritten 'Approvado Sessao de 20-Dezo 1932' and countersigned by two bank officials,(Pick 147pr), in PCGS holder 63 Choice New, printers annotation, very rare in this format.

Estimate: £350 - £500