10 Patacas Year of the Tiger, Banco Nacional Ultramarino

Banco Nacional Ultramarino's role in Macau is largely a historical one — it lost its note-issuing monopoly in 1995 when Banco da China began issuing alongside it — but it retains the right to issue, and these commemorative lunar new year notes have become an annual fixture. The Year of the Tiger issue is one of a long-running series, each tied to the Chinese zodiac cycle, with limited distribution aimed squarely at collectors rather than tills.

Giesecke & Devrient have handled much of BNU's modern output. Cotton substrate, single watermark security — modest by current standards, but these notes rarely see wallets.