Watch List notes:

(x) Banco de Portugal, 50 escudos, 31 August 1920, Ch.1, serial number 1S 16906, brown-purple on pale green and orange underprint, portrait of Passos Manoel at centre, value in guilloches at left and right, OURO in field low centre, reverse Palace Square, Lisbon, (Pick 123), good fine a rare and attractive example especially in issued format.

Estimate: £400 - £450