Watch List notes:

El Banco de Espana, 500 pesetas (2), 7 January 1935, red serial number 1933382/383, blue, pink and pale yellow, Hernan Cortez at left, his palace in Mexico low right, reverse red, Cortez burning ships,(Pick 89, Edifil 365), in PMG holders 65 EPQ and 64, scarce as a consecutive pair especially in this grade (2).

Estimate: £1,400 - £1,600