Watch List notes:

(x) Portugal, Banco de Portugal, 50 escudos, 18.11.1932, Ch.5, serial number HM 16807, purple and multicoloured, the Duque de Saldanha at left, monument at lower centre, watermark area at right, reverse blue, oxen ploughing at centre, (Pick 146), extremely fine and quite scarce in this grade.

Estimate: £300 - £400