Watch List notes:

BRAZIL: MARANHAO: State, AE 20 reis, ND (1835), KM-405, revaluation countermark "M" on 1827-R Brazil 40 reis (KM-363.1), EF on EF host. This revaluation countermark was used to devalue coinage by half. It was done to combat a coin shortage.

Estimate: 70-90 USD