(◊) TIMOR. Banco Nacional Ultramarino. 50 Avos, 19.7.1940. P-14. SB278.

(◊) TIMOR. Banco Nacional Ultramarino. 50 Avos, 19.7.1940. P-14. SB278. PMG Extremely Fine 40. (◊) This lot has been consigned from the European Union and will be shipped or picked up from our Denmark office once the auction concludes. Item is subject to full VAT for non-VAT registered entities or individuals who take delivery of lots within EU countries. For buyers taking possession in Denmark, the lot is subject to margin scheme taxation (in Danish “brugtmoms”). All lots shipped to countries outside of the E.U. will be billed an additional one-half percent (1/2%) for insurance (minimum of €10). For any lots delivered outside of Denmark the declaration value shall be the item’(s) hammer price plus its buyer’s premium. Buyer shall be responsible for paying all applicable taxes, duties, and customs charges for all lots delivered outside Denmark. Please see Terms and Conditions.

Estimation:€1

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