Watch List notes:

Banco Nacional Ultramarino, fifty rupias, 1 January 1906, nos. 00000 – 29000, black, ochre and multicolour, maiden on hippocamp at centre, above steamship seal type 3, signatures of Eduardo Pinta da Silva Cunha and Alfredo Mendes da Silva (Pick 18As; Jhunjhunwalla-Razack 12.8.5), with counterfoil, numbers and date top margin, perforated CANCELLED
£3000-4000