100 Escudos

Banco Nacional Ultramarino occupied an unusual position in Portuguese colonial finance — it held note-issuing rights not just for Mozambique but simultaneously across multiple overseas territories, a monopoly that periodically drew criticism from Lisbon and from rival commercial interests. This 1921 issue predates the major currency reforms that would restructure colonial monetary arrangements through the mid-1920s, and Bradbury Wilkinson's involvement here is unsurprising given their dominance in supplying colonial paper to Portuguese-administered territories during this period.

Pick #18 is among the scarcer early Mozambique issues; wartime disruptions to shipping and finance in the preceding decade had left circulating stock erratic, and the 100 Escudo denomination would have moved primarily through commercial rather than retail channels.