100 Escudos

The Banco Nacional Ultramarino occupied an unusual position in Portuguese colonial finance — a private institution operating under state charter, simultaneously serving Angola, Mozambique, Portuguese India, Timor, and several other territories, each requiring its own distinct note series. This 1947 issue belongs to a period when the BNU was consolidating its printing relationships with Bradbury, Wilkinson & Company, whose intaglio work was among the most technically refined available to smaller issuing authorities at mid-century.

The watermark security on this series is relatively restrained by Bradbury Wilkinson standards. Known examples show occasional ink oxidation along fold lines — a recognized characteristic of this specific issue rather than evidence of mishandling.