Watch List notes:

(x) Banco de Portugal, 2500 reis, 30 September 1910, Ch.4, serial number YG 19724, 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), very fine, annotations.

Estimate: £100 - £150