Watch List notes:

(x) Banco de Portugal, 50 escudos, 31 August 1920, serial number 11B 02102, Ch 1, brown-purple on pale green and orange underprint, portrait of Passos Manoel at centre, value in guilloches at left and right, OURO in field low centre, reverse Palace Square, Lisbon, (Pick 123), a tidy very fine to good very fine, a rare and attractive example. Subject to 5% tax on Hammer Price in addition to 20% VAT on Buyer’s Premium. Not applicable to "Buy Now " offerings. For more information please view Terms and Conditions for Buyers.

Estimate: £ 2500 - £ 3000