Watch List notes:

Spain: 20 Escudos 1866 "El Banco De Espana" P. NL, highly rare early issue in excellent condition, never folded in spite of its size, only ligh creasing at left border but this may be cause by the paper type of that time. 3 very tiny pinholes at upper border, no tears, great crisp and original, condition: aUNC.
[taxed under margin system]