Watch List notes:

Banco de Angola, an obverse and reverse hand executed essay on board for a proposed issue of 50 angolares, ND (type of 1944), red serial number A 000000, 1 March 1927, red serial number 00000, green, pink and pale orange, arms and caduceus at centre, indigenous native with paddle left centre, value at each corner, Manuel Cerveira Pereira in rectangular at right, native head at left, reverse the founding of Benguela in 1617, (Pick 80 for similar, TBB B 410 for similar), a much cruder hand drawn essay for the 50 escudos and presumably an initial version of the issued note, in PMG holders, unique (2).

Estimate: £300 - £400