Watch List notes:

Republica del Paraguay, colour trial 500 Pesos, L.1923, no serial numbers, dark blue, Carlos Antonio López at left, cows at right, denomination at four corners, reverse, brown, treasury seal at centre, (Pick 169cts), perforated, red 'SPECIMEN WATERLOW & SONS LTD' in field, in PMG holder 64 choice uncirculated.

Estimate: £300 - £400