Banco de Portugal, the original design for, as well as an example of the watermarked paper for 20 Mil Reis, ND (c.1883-89), the design is in pen and pencil on a paper, with a sketched representation of all the elements of the watermark as well as the intended size, the watermarked paper itself with SPECIMEN perforation, as produced, rare (2 papers)
Pick 61 for type £120-£160