Watch List notes:

Banco de Espana, 50 pesetas, 19 March 1905, red serial number 1961462, black and pale ochre, José Echegary at left, wreath at left and right, , reverse dark green, cherubs at upper centre, (Pick 56), in PMG holder, 50 About Uncirculated, attractive locally printed example, scarce grade for type.

Estimate: £1,600 - £2,000