Watch List notes:

GALAPAGOS ISLANDS: AR decimo, ND (ca. 1920), Rulau-CLT 20, script RA countermark on KM-50.5 Ecuador decimo, Rogelio Alvarado issue, tentative attribution to Galapagos, XF countermark on VF-XF host, some minor encrustation in recesses, Rulau says 4 pieces known (not including this piece, which, according to Rulau, was unknown for this date), R.

Estimate: 250- 350 USD