Watch List notes:

(x) Banco Nacional Ultramarino, Portuguese India, specimen 50 rupias, 1 January 1906, red serial number 24001-29000 black, pale yellow and lilac, value in pale orange-yellow at left and right, maiden with trident riding hippocamp at centre, red steamship seal type I at low centre, signatures of Eduardo Pinto Da Silva e Cunha and Alfredo Mendes Da Silva, reverse green and orange-brown, medallic female head at centre, value at left and right, (Pick 18s, Razack-Jhunjhunwalla 12.8.3s), in PMG holder 64 choice uncirculated, note unaffected by issues in Counterfoil, perforated CANCELLED, ink annotation at top margin '15.3.20.', lovely design, a very rare note.

Estimate: £9,000 - £12,000