Watch List notes:

Bavaria / Bayern, 50 Gulden, 5 September 1866, serial number XVIII 7825, Yellow and black, female figures in medallions in corners, value at centre and lower centre, reverse yellow and pale purple, allegorical figures, value in corners,, (Pick S153), in PMG holder 20 Very Fine (pinholes), extremely rare, this being the only one to be graded by PMG, no sales recorded on Track and Price.

Estimate: £800 - £1,200