Watch List notes:

Banco Nacional Ultramarino, Angola, 20 Mil Reis, Loanda, 1 March 1909, red serial number 01454, black on yellow and pale blue underprint, portrait of Vasco da Gama at left, his embarkation at right, red Steamship Seal Type III at centre, red overprint LOANDA at upper centre, manuscript signature low left, signatures of Antonio Teixeira de Sousa as Governor and Manuel Carlos de Freitas Alzina as Vice Governor, reverse grey and multicoloured, woman seated on anchor looking out at ships,, (Pick 36a, PMP AN33a), in PMG holder 50 about uncirculated, staple holes, minor rust. Extremely rare as an issued note, no records on Track and Price at time of cataloguing. A lovely note, rare.

Estimate: £3,000 - £4,000