Watch List notes:

Banco de Portugal, Reis Spurious Issue, 500 escudos, 17 November 1922, Ch 2, red serial number 1X 11001, 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, tear at right border extending well into design, otherwise about extremely fine.

Estimate: £400 - £600