Watch List notes:

Sociedad de Cambios, Uruguay, a sheet of four remainder 320 reis, 1 July 1856, uniface, orange underprint,, (unlisted denomination in Pick, most likely same series as Pick S438 to S440D), with counterfoil at left, SPECIMEN perforated, creases between each note, minor handling at margins, good extremely fine, previously unseen type, very rare.

Estimate: £300.00 - £500.00