Watch List notes:

Republica De Chile, 1920 Specimen Banknote.Republica De Chile, 1920 Specimen Banknote. Santiago, Chile. 19120, 100 Pesos, P-25s, Specimen, black on orange, Portrait of O'Higgins at lower left, Possibly a Color Trial, listed in the SCWPM as Black on blue and gold, this example has no blue undertint, only light orange, pp Cc, PMG graded Gem Uncirculated 65 EPQ, ABNC. This is the finest graded out of 2 in the PMG census. Rare and attractive note.

Estimate: 800 - 1600