Watch List notes:

(x) Republica Dos Estados Unidos Do Brazil, 50 Mil Reis, 18 December 1926, serial number 1A/7A/065429, black on decorative multicolour underprint, portrait of lady at centre and large black facsimile signatures lower left and right, reverse red-orange with military scene at centre,(Pick 105), in PMG holder 30 Very Fine. Subject to 5% tax on Hammer Price in addition to 20% VAT on Buyerís Premium. For more information please view Terms and Conditions for Buyers.
(Estimate: $300-400)