Watch List notes:

Banco Nacional Ultramarino, Angola, 50 escudos, 1 January 1920, red serial number 44454*, blue and pale blue-green, arms top centre, value at centre and at each corner, printed signature low left and right, reverse dark and pale brown, value at centre, an oval vignette of palms trees and coastline at centre, (Pick 54), extremely rare, only one other example believed extant in private hands and two in institutions in Portugal. Officially cut and rejoined and the borders uneven, good.

Estimate: £2,000 - £2,500