10 Libras

Banco Nacional Ultramarino occupied a peculiar institutional position — chartered in Lisbon but functioning as the note-issuing authority across Portugal's overseas territories, from Mozambique and Angola to Timor and beyond. Establishing which territory this specific issue was intended for requires checking the place of payment text carefully, as BNU produced near-identical designs for multiple colonies simultaneously, differing only in the territorial designation.

Bradbury Wilkinson's intaglio work of this period was among the finest commercially available, and colonial issuers across several empires relied on them precisely because the quality acted as a deterrent to local forgery.