Watch List notes:

(x) Banco de Portugal, 5 escudos, 13 January 1925, Ch.2, serial number AUL 18687, purple on multicolour underprint, portrait J das Regras in ornate frame at centre left, bank title top centre, OURO in field low right, reverse, guilloche pattern at centre, the Convento da Batalha at centre right, arms top right, (Pick 120), about extremely fine, a scarce note in high grade.

Estimate: £300 - £500