10 Dollars

Kuok Kwong Company Ltd. was one of several private commercial firms in Macau licensed to issue currency during the late colonial period, when the Portuguese administration tolerated a degree of parallel monetary circulation that would have been extraordinary in most other territories. These company-issued notes functioned as tradeable instruments within specific commercial networks rather than as general-purpose legal tender — acceptance depended entirely on the issuer's local reputation and credit standing.

Pick 107A is among the scarcer surviving examples from this class of Macau private issues. The 1928 date places it in a period of considerable monetary instability across southern China, which likely drove demand for any locally trusted instrument.