Watch List notes:

Macau: Banco Nacional Ultramarino, 50 patacas, 5.2.1944, serial number 00780, olive with red guilloche at centre, yellow underprint, vertical format on reverse,(Pick 25), This note is currently with PMG, we will update the grades on Spink Live in due course. A superb crisp, original note with firm paper and strong colours. Only a total of XXX in the PMG population report and this is amongst the highest grades!.

Estimate: 15000 - 30000