Watch List notes:

Republica dos Estados Unidos do Brasil, colour trial 50 mil reis, ND (1936), no serial numbers, dark blue and yellow, Xavier Da Silveria at left, reverse blue, monument at centre, (Pick 59ct), perforated, red SPECIMEN, WATERLOW & SONS LTD overprint twice, in PMG holder 64 choice uncirculated.

Estimate: £300 - £400