Watch List notes:

Banco Nacional Ultramarino, Portuguese Guinea, 50 centavos, 1 January 1920, red serial number 995558*, blue and white, Mercury and shipping at left, commerce, agricultural scenes at right, two printed signatures low centre and arms of the BNU top centre. GUINE in frame low centre, value at centre and at low left and right, reverse brown and cream, galleon at centre, value at centre and at each corner, arms of the BNU low centre, (Pick unrecorded for Guine, see Angola Pick 53 for similar), some foxing spots, good very fine and excessively rare, one other example in a museum and only one other believed to be in private hands.

Estimate: £1,500 - £2,000