Watch List notes:

Popayan, Colombia, Banco del Estado, 1 peso, 29-2-1900 overprint on Cali, Colombia, Banco del Cauca, 1 peso, no date (1880s), series A, serial 97048, PMG VG 10 net / punch hole cancelled, tape repairs, only example in PMG census. SCWPM-S471; CHPM-8020. Scarce type with this being the only example graded by PMG. Though several more are known outside of that census, they are quite circulated as well. Overprint is faded yet still legible as is the host note's design. PMG #8043637-011.

Estimate: $150-225