Watch List notes:

(x) Banco de Portugal, 50 Escudos, 7 March 1933, Ch.4, serial number VD 14942, violet and multicoloured, portrait of Borges Carneiro at left centre, arms and value at lower centre, reverse blue on pale green and purple underprint, Coimbra University at centre, medallic female head at right, (Pick 144), about extremely fine, a striking and bold design. Very few examples listed on Track and Price in this grade, scarce.

Estimate: £300 - £500