Watch List notes:

Banco Nacional Ultramarino, 1912 Issue. Banco Nacional Ultramarino, 1912 Issue.Macau, January 1, 1912, 1 Pataca, P-7, Issued Banknote, Brown on blue underprint, S/N 135537, Choice VG condition with a very small hole in the center and a small split on the bottom vertical middle margin that is reinforced by a portion of a Hong Kong Postage stamp that could easily be removed if desired. The paper appears Choice Fine to VF other than the folds. Scarce note, BWC.

Estimate: 1600-3100 HKD