Portugal ND (1917) — Banco de Portugal 50 Mil Réis Front Progressive Proof (Pick 110pp1)
Front progressive proof for the Banco de Portugal 50 Mil Réis, printed in a single intaglio color to test composition and line fidelity before the final multi-color stones were prepared. Without underprint or overprint, it exposes the engraver’s hand—the bare guilloche network and portrait cartouche that later defined the completed note. PMG 25 EPQ Very Fine. ... Read more →