Watch List notes:

Banco de Portugal, progressive proofs for a 100 escudos, ND (1947), including the following,
-a remainder,
-obverse underprint,
-reverse die proof,
-reverse underprint,, (Pick 150 for type), with hole punched, all in PMG holders, remainder 45 Extremely Fine, scarce (4 notes).

Estimate: £300 - £400