Watch List notes:

USA, $40, Sept. 26, 1778, serial 227622, PMG Choice AU 58 EPQ. Fr-CC-84. This odd-denomination note payable for "40 Spanish milled Dollars" printed by Hall and Sellers features a finely rendered vignette on the obverse with the motto CONFEDERATION in the ribbon below the Eye of Providence looking down upon a flaming altar encircled by thirteen stars (symbolizing the thirteen colonies). Well executed printing with excellent margins and bold inking plus strong embossing seen throughout the text, choice paper quality throughout.
($600-900)