Watch List notes:

ANGOLA. Banco Nacional Ultramarino 50 Escudos, 1.1.1920. P-54.

One of the most important offerings of this sale and a note we have never before seen. Shown in a very large format and from the "Porto" series of 1920 where the denominations are interestingly low with a 10, 20, 50 Centavos and then this high 50 Escudos denomination. Angola was one of the first Portuguese overseas territories to have notes circulating under the Banco Nacional Ultramarino, an institution established during 1864 in Lisbon. Most notes of this issuer were produced by London printing companies making this Portuguese printed type all the more important.

The note shows with large arched lettering of the bank name at center with large "50" counters at the corners in dark blue. Light blue-green under-printing. Back design in brown with light orange under-prints with central vignette of a lake and trees within vertically oriented oval at center with ornate birds flanking. The note retains nice overall body at the central left and right, while the technical grade of Very Good is due to tape removal at the margins and vertically at center. Some thinning is a result of the tape removal along with splits. These quality drawbacks, however, are of little consequence when considering the rarity, which we believe to be in the realm of two to three known. An item that will certainly be a highlight in any collection it enters.

PMG Very Good 10 Net. Repaired, Foreign Substance, Thinning.