10 Patacas Year of the Rabbit, Banco Nacional Ultramarino

Banco Nacional Ultramarino has not functioned as an active issuing bank for decades, but retains a legal concession to issue Macanese patacas — a colonial-era arrangement that has never been formally dissolved. These commemorative lunar new year notes, produced annually in limited quantities, exploit that dormant authority. They are sold as collectibles rather than released into general circulation, which means uncirculated condition is effectively the only condition they exist in.

The cotton substrate and single watermark security package are deliberately modest for a 2023 issue — consistent with the series' positioning as a low-mintage numismatic product rather than an anti-counterfeiting priority.