Watch List notes:

Banco de Portugal, 500 escudos, 17 November 1922, Ch 2, red serial number 1AF 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), annotations, multiple punch holes, significant amount of pin perforations at right side, otherwise about extremely fine.

Estimate: £400 - £600