Watch List notes:

Bogota, Colombia, Pagare del Tesoro, 25 pesos, 1-2-1905, serial 032911 / 000230, PMG AU 55. SCWPM-297D; CHPM-3340. Scarce note and the only denomination issued by this entity. Bright red protector of Colombia's coat of arms on obverse along with a dog's head vignette. Usually encountered with some circulation; this note shows minor handling and light stains for the grade. The PMG label notes an ink stamp in the form of an oval CREDITO PUBLICO registration stamp on the reverse. PMG #8065590-002.

Estimate: $400-600