Watch List notes:

Banco Nacional Ultramarino, Macau, Japanese Occupation, 100 patacas, 5.2.1944, serial number 00218, (Pick 26), PMG 25 very fine, rust, splits. Only 67,000 were issued making it second scarcest type after the 500 patacas. Rare in any grade.

Estimate: HK$40,000.00 - HK$50,000.00