Watch List notes:

El Banco de Espana, 50 pesetas, 19th March 1905, serial number 2834104, black and pale ochre, Echegary at left, wreath at left and right, reverse dark green, cherubs at upper-centre, (Pick 56, Linzmayer BDE B), pressed with central crease, nevertheless extremely fine.

Estimate: £800 - £1,200