Watch List notes:

(x) Republica del Paraguay, colour trial specimen 500 Pesos, 23rd October 1923, specimen number 640, dark blue, Carlos Antonio López at left, cows at right, denomination at four corners, reverse, brown, treasury seal at centre, (Pick 169cts), perforated, red 'SPECIMEN WATERLOW & SONS LTD' in field, in PMG holder, previously mounted, 63 Choice Uncirculated.

Estimate: £300 - £400