Watch List notes:

Banco de Portugal, 500 escudos, 17 November 1922, Ch 2, red serial number 1AD 00001, purple, pale yellow and green, Vasco de Gama at left, galleons right centre, reverse purple, arms at centre, value at left and right, (Pick 130), paper thinning right border, annotations, multiple punch holes, otherwise very fine.

Estimate: £400 - £600