Watch List notes:

Portugal - Republic - 12 expl. 50 Centavos 1912-1916 AR. 50 Centavos 1912 (2), 1913 (5), 1914 (3), 1916 (2). Gomes 18.01, 18.02, 18.03, 18.05. MBC a Q/BELA
VF to Almost EF

Estimate: 55-65 EUR