10 Patacas Year of the Tiger; Banco Nacional Ultramarino

Banco Nacional Ultramarino's involvement here is historical rather than operational — the Macau branch ceased active note issuance decades ago, with BNU's circulation rights in Macau effectively absorbed into the dual-issuer arrangement alongside Banco da China. This 2022 commemorative was issued under that residual BNU mandate, capitalizing on the lunar calendar series that both banks have produced in parallel. The Tiger cycle made this a natural release point.

A watermark as the primary security feature is thin for a 2022 issue, reflecting commemorative rather than circulating intent.