Watch List notes:

(x) Banco de Portugal, proof 5 escudos, ND (type of 1920), no serial numbers, purple on multicolour underprint, portrait J das Regras in ornate frame at centre left, bank title top centre, reverse, blue-grey, guilloche pattern at centre, Convento da Batalha at centre right, (Pick 120pr), very rare in this format, only one other example listed on Track and Price.

Estimate: £700 - £1100