Watch List notes:

(x) Banco de Portugal 20 mil reis, 30 December 1909, Ch.9, serial number D 03246, blue and white, Vasco de Gama at left, Luis de Camoes at right, ornamental column at left and right, arms low centre, REPUBLICA overprint low centre, reverse brown and white, blue REPUBLICA overprint at left, arms at left, value at right, (Pick 109) in PMG holder 25 Very Fine, only one note in a higher grade on PMG Census, rare.

Estimate: £900.00 - £1,200.00