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Paper Money Fair Signature Sale 4033 23 Oct 2021
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Portugal Banco de Portugal 500 Escudos 17.11.1922 Pick 130 PMG Very Fine 30. Although this is a famously rare, high denomination banknote in its own right, it is especially "infamous" due to the fraud committed by Alves Reis. Instead of a scam to fake banknotes, Reis construed a plan to swindle the printer Waterlow & Sons by forging a purchase order of banknotes from the Banco de Portugal. The plan worked, and a new shipment of notes, direct from the printer arrived in Portugal. The scam was so infamous and ultimately destructive that the denomination was redeemed on a large scale, as the general public could not tell the difference between the genuine notes and the notes unauthorized from the bank. This genuine example is as such very scare, and especially so in this grade. Stains, some faded annotations, and a few smudges are mentioned for accuracy. The history of this note is fascinating and worth a more extensive read. https://currency.ha.com/itm/world-currency/portugal-banco-de-portugal-500-escudos-17111922-pick-130-pmg-very-fine-30/a/4033-28429.s?type=DA-DMC-CoinArchivesCurrency-WorldPaperMoney-4033-10232021 HID08706262019 © 2020 Heritage Auctions | All Rights Reserved
Estimate: 2000-3000 USD
Portugal Banco de Portugal 500 Escudos 17.11.1922 Pick 130 PMG Very Fine 30. Although this is a famously rare, high denomination banknote in its own right, it is especially "infamous" due to the fraud committed by Alves Reis. Instead of a scam to fake banknotes, Reis construed a plan to swindle the printer Waterlow & Sons by forging a purchase order of banknotes from the Banco de Portugal. The plan worked, and a new shipment of notes, direct from the printer arrived in Portugal. The scam was so infamous and ultimately destructive that the denomination was redeemed on a large scale, as the general public could not tell the difference between the genuine notes and the notes unauthorized from the bank. This genuine example is as such very scare, and especially so in this grade. Stains, some faded annotations, and a few smudges are mentioned for accuracy. The history of this note is fascinating and worth a more extensive read. https://currency.ha.com/itm/world-currency/portugal-banco-de-portugal-500-escudos-17111922-pick-130-pmg-very-fine-30/a/4033-28429.s?type=DA-DMC-CoinArchivesCurrency-WorldPaperMoney-4033-10232021 HID08706262019 © 2020 Heritage Auctions | All Rights Reserved
Estimate: 2000-3000 USD