1 Pataca Banco Nacional Ultramarino

The Banco Nacional Ultramarino, a Lisbon-based institution chartered in 1864 to manage Portuguese colonial currency, issued this wartime 1 Pataca as part of a broader effort to stabilize Macau's monetary supply during the Japanese occupation of surrounding territories. Macau itself remained technically neutral — a peculiar anomaly of Portuguese non-belligerence — and continued operating as a functioning enclave while Hong Kong was under Japanese control, which made its currency unusually significant for cross-border transactions.

Waterlow & Sons produced the plates in London under wartime conditions, though physical delivery logistics for colonial issues of this period were frequently disrupted.