1 Escudo

Banco Nacional Ultramarino's 1 Escudo of 1921 was issued for Portuguese Guinea — a territory where the escudo had only recently replaced the mil-réis system following the metropolitan currency reforms that reshaped Portugal's colonial monetary framework after 1910. Bradbury, Wilkinson produced the plate work in London, as they did for much of BNU's colonial output during this period, giving the note a technical finish well above what the denomination's purchasing power might suggest.

The low face value meant heavy circulation wear was the norm, and surviving examples in decent condition are harder to locate than the pick number implies.