Watch List notes:

(x) Republica dos Estados Unidos do Brasil, 5 mil reis, ND (1925), 10 mil reis, ND (ca 1892), orange and pale green, one a contemporary forgery, 20 mil reis, ND (ca 1900), violet, 100 mil reis, ND (1915), a contemporary forgery of a 100 mil reis and a 200 mil reis, ND (ca 1911), 200 mil reis, ND (1936), violet, Marinho at right, (Pick 25, 30, 41, 67, 77a, 82), generally poor, the last note good very fine (8).

Estimate: £150 - £200