Watch List notes:

El Banco de Espana, 100 pesetas, Madrid, 1 July 1903, serial number 945912, grey on pinkish-white paper, man standing with shovel in hand at left, small child lifting palm branch with his right arm, value at upper left and right, reverse winged horse, man and industrial scene(Pick 53a), in PCGS holder 20 Very Fine, restoration around edges and watermark area, scarce.

Estimate: £3,000 - £3,500