Watch List notes:

(x) Banco de Portugal, a printers archival proof 2500 reis, ND (1909/1916), no serial numbers, black on light green, blue and yellow underprint, portrait of Afonso de Albuquerque at right, ornate border, signatures and some text omitted, reverse, brown on multicolour underprint, Mercury at left, arms at centre, (Pick 107 pr for type), good extremely fine, printers pencil date '5.2.20' in top margin. Only one other proof listed on Track and Price, rare.

Estimate: £240 - £350