Watch List notes:

Spain: 50 Pesetas 1937 Specimen Proof Pick unlisted, highly rare unissued design, printed as proof on thicker paper, uniface back proof, beautiful classic design printed by Calcografia Carte Valori Milano Italy, in redbrown & blue printing of "Fleet of Ships", for more color varieties of the same type of Specimen please see the previous items in this catalog, this example in condition: aUNC.
[plus 19 % VAT]