Watch List notes:

Portugal - Republic - 20 expl. 50 Centavos 1912-1916 AR. 50 Centavos 1912 (4), 1913 (5), 1914 (4), 1916 (7). Gomes 18.01, 18.02, 18.03, 18.04, 18.06. MBC a BELA
VF to EF

Estimate: 60-80 EUR