Watch List notes:

Spain: 400 Escudos 1872 P. NL, a very rare issue, 2 cancellation holes at center, a stronger center fold with a hole in center and another hole at lower left. Due to the cancellation of the note the upper center part of the note was once torn apart and rejoined with old tape on back. But this does not affect the rarity of this seldom seen note. Condition: VG.
[taxed under margin system]