100 Escudos

The Banco Nacional Ultramarino occupied an unusual position in Portuguese monetary history — it was a commercial bank granted colonial note-issuing rights, operating across Portugal's overseas territories simultaneously. This 1947 issue was specifically authorized for Portuguese Guinea, one of several African territories where the BNU held the concession, meaning the same denomination and design could appear with different territorial authorizations across the bank's portfolio, creating significant confusion for collectors who encounter them without complete documentation.

Cotton stock from this period is prone to toning along the folds, and the 1940s Guinea issues in particular are rarely found without evidence of heavy tropical circulation.