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10 Avos

Issuer Banco Nacional Ultramarino
Year 1942
Type Standard circulation banknote
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Obverse description The obverse is printed in blue and yellow tones, with the issuer's name BANCO NACIONAL ULTRAMARINO in bold letterpress across the upper portion, flanked by the Portuguese royal coat of arms in an oval vignette at left and denomination cartouches reading 10 AVOS in the corners. A central guilloche medallion carries the inscription DEZ AVOS within a decorative panel, while Chinese characters denoting the value appear vertically at left. The serial number is printed twice in black, and a manuscript signature appears above the GERENTE designation at the lower centre.
Obverse lettering BANCO NACIONAL ULTRAMARINO
DEZ AVOS
MACАU
GERENTE
壹毫
10 AVOS
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Comments

The Banco Nacional Ultramarino issued this note for circulation in Timor, its easternmost colonial territory. That it was printed in Hong Kong in 1942 is the detail worth pausing on — Hong Kong fell to Japanese forces in December 1941, meaning production almost certainly occurred before the occupation or, if dated to late 1942, under circumstances that remain difficult to reconstruct with confidence. The practical supply chain for colonial small denomination notes in wartime Southeast Asia was routinely disrupted, and Timor itself was under Japanese occupation by February 1942.

The Avos denominations of this series are notoriously short-lived in collectible condition due to the weight of small daily transactions in a largely cash-dependent colonial economy.

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