Watch List notes:

(x) Banco Nacional Ultramarino, colour trial specimen 100 Patacas, 16.11.1945, specimen number 653, red on orange and green underprint, arms at left, temple at right, reverse red-brown on multicolour, steam ship at centre, guilloche patterns, red 'WATERLOW & SONS LTD' at centre of both sides, punch hole cancelled,, (Pick 33cts), in PMG holder, previously mounted, 64 Choice Uncirculated and rare.

Estimate: £2,000 - £3,000