Watch List notes:

(x) Banco de Portugal, 2500 reis, 30 June 1909 (1916), Ch.4, serial number QT 17159, black on light green, blue and yellow underprint, portrait of Afonso de Albuquerque at right, ornate border, reverse, brown on multicolour underprint, Mercury at left, arms at centre, black REPUBLICA overprint, (Pick 107), good extremely fine, high grade for type.

Estimate: £250 - £350