Watch List notes:

BRAZIL: MARANHAO: State, AE 10 reis, ND(1834), KM-402, "M / X" revaluation countermark on 1816B Brazil 40 reis (KM-234.2), host somewhat flattened, countermark a bit soft, but probably the best grade we have seen, AU on Extremely Fine host.

Estimate: 100-150 USD