Watch List notes:

MEXICO: Revolutionary Issue, AE 20 centavos, Oaxaca, 1915, KM-731.1, GB-Unlisted, Type I letters, raised centers on stars, curved truncation, O of ESTADO is same size as D, without TM below wreath on reverse, red and brown (much red), Choice Unc. While this piece is of the general type KM-731.1, it is not a perfect match to any of the varieties listed in GB.

Estimate: 65-85 USD