Watch List notes:

Spain El Banco De Espana 25 Pesetas Pick 116a dated 9th January 1940 serial number F2155808 in Gray-blue on light brown underprint featuring Juan de Herrera at left, Patio de Evangelistas at right on obverse and Arms at left on reverse. Printed by Calcografia & Cartevalori, Milano, Italia inscribed in small script at lower centre on obverse. About UNC - UNC, Minor Rust and Scarce

Estimate: 60-120 GBP