10 Escudos

Banco Nacional Ultramarino occupied a peculiar constitutional position — a private Lisbon-based bank holding colonial note-issuing rights across Portugal's overseas territories, a monopoly it defended aggressively against the Banco de Portugal well into the twentieth century. By 1937, these 10 Escudo notes were circulating in Portuguese Africa and Asia simultaneously, with the same plates serving multiple territories depending on overprint or designation.

Bradbury Wilkinson produced the sheet printing; the dual signature combinations on P#21 reflect different signing officials across the note's issue period, not separate print runs — a distinction that occasionally trips up collectors attributing variety status where none formally exists.