Watch List notes:

Banco de Portugal, 50 escudos, 31 August 1920, Ch.1, serial number 1S 16906, portrait of Passos Manoel at centre, reverse Palace Square, Lisbon, (Pick 123), OURO in field low centre, in PMG holder 35 Choice Very Fine, a rare and attractive example especially in issued format, second highest grade with only 1 in higher on PMG Census.

Estimate: £1,100.00 - £1,600.00