10 000 Reis

The Banco Nacional Ultramarino held a privileged position as the sole note-issuing authority for Portuguese overseas territories, and this 1897 issue formed part of its early Mozambique series. The BNU's colonial mandate was renewed and expanded through successive Portuguese government decrees, giving it near-total control over currency supply in territories where metallic coin was chronically scarce and unreliable in transit.

Perforation as the primary security feature reflects standard late-19th century colonial banking practice — cancellation perforations on returned or redeemed notes from this series are sometimes mistaken for deliberate security punching on uncirculated stock, which has caused misattribution in several auction catalogues.