Watch List notes:

Banco de Portugal, Reis Spurious Issue, 500 escudos, 17 November 1922, Ch 2, red serial number 1L 10064, purple, pale yellow and green, Vasco de Gama at left, galleons right centre, reverse purple, arms at centre, value at left and right, (Pick 130x), multiple punch holes, tears, otherwise about extremely fine.

Estimate: £400 - £600