Watch List notes:

Portugal - Republic - 5 expl. 20, 50 Centavos 1913-1916 AR. 20 Centavos 1913, 1916, 50 Centavos 1913, 1914, 1916. Gomes 12.01, 12.02, 18.02, 18.03, 18.05, KM 562, 561. MBC a BELA
VF to EF

Estimate: 15-25 EUR