10 Centavos

The Banco Nacional Ultramarino issued this fractional note for Angola during a period of severe small-denomination coin shortages across Portuguese overseas territories — a problem that plagued colonial circulation throughout the late teens and early 1920s. Paper substitutes at this level were a practical stopgap rather than a policy preference, and most saw heavy use before being replaced once metallic coin supply stabilized.

Pick 18 is scarce in any grade above Fine, almost certainly a product of its purchasing power at the time — small notes circulate harder and survive worse.