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Portugal 50 Mil Réis Specimen, ND (1917), Pick 110s, PMG 35

Portugal 1917 - Banco de Portugal 50 Mil Réis Specimen (Pick 110s)

This note pairs with the front progressive proof (Pick 110pp1) also in this collection, together forming a complete archival narrative from first engraving test to approved production plate. Few institutions, let alone private collectors, hold both. The specimen stands as Portugal’s last great multi-color Réis note-an artifact of national ambition translated into London intaglio during the brief, idealistic years of the First Republic. Read more →

PortugalSpecimen191750 Mil RéisPMG 35 Choice Very Fine Portugal First RepublicPick 110sPick 110ND 1917High DenominationPortugal1917
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Portugal 50 Mil Réis front progressive proof, ND (1917), Pick 110pp1, PMG 25 EPQ

Portugal 1917 - Banco de Portugal 50 Mil Réis Front Progressive Proof (Pick 110pp1)

The EPQ designation is exceptional at this grade, indicating fully original paper quality and unaltered archival surfaces-critical for proofs that typically show handling or trimming. Only two examples of Pick 110pp1 appear in the PMG census, placing this among the rarest surviving Portuguese progressive proofs. Each intermediate pull was meant to be destroyed once calibration finished; very few escaped the printer’s vaults. This proof documents the engraver’s first successful alignment of the plate and thus predates the issued specimen by a critical production stage. Read more →

PortugalProgressive Proof191750 Mil RéisPMG 25 EPQ Very Fine Portugal First RepublicPick 110pp1ND 1917Pick 110Portugal1917
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Portugal 1799 Real Erario 20000 reis apólice issued in Lisboa, serial number 37723 in red, blind embossed seal on the face, no red overprint present, with multiple official ink seals on the reverse

Portugal 1799 - Real Erario 20000 Reis Apólice, Original Issue, No Overprint, Lisboa No. 37723

This example belongs to the original issue phase of Portuguese treasury apolices and predates the period commonly associated with the War of the Brothers. It was produced under stable royal administration as part of the established pre-war fiscal system. That context is important: later conflict-period instruments frequently show different validation practices, heavier fiscal markings, and systematic overprinting linked to wartime controls.

Bolivia 1904 Banco Nacional 5 Bolivianos specimen, PMG 64

Bolivia 1904 - Banco Nacional 5 Bolivianos Specimen (Pick S2143s)

The Banco Nacional de Bolivia, founded in 1872, became the most important commercial bank in the country by the turn of the 20th century, serving as a de facto national issuing authority before Bolivia developed a centralized reserve structure. Its notes were critical to trade and daily transactions, yet most circulated examples suffered heavy attrition given the harsh climate, limited banking infrastructure, and chronic political instability. The Cerro Rico vignette carried particular symbolic weight: while it implied national prosperity and backed the promise of value, by 1904 the collapse of world silver prices had already undermined the very foundation of Bolivia’s fiscal stability.

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