Watch List notes:

(x) Banco de Portugal, 500 escudos, 13 January 1925, serial number 1AM 12064, blue on light pink and green underprint, portrait Vasco da Gama at left, Monastery of Mafra at centre right, (Pick 136), PMG Top Pop, 55 About Uncirculated, with only 6 items graded, second highest grade on PMG is 45, scarce.

Estimate: £1,700 - £2,200