Watch List notes:

El Banco de Espana, 500 pesetas, 1935, red serial number 1382104, blue and multicoloured, Cortez at left, his palace in Mexico at right, reverse red, a painting of Cortez burning his ships(Pick 89), in PMG holder 66 Gem Uncirculated, EPQ. An attractive note and rare in this top grade.

Estimate: £600 - £800