100 Escudos

Banco Nacional Ultramarino was the privileged bank of issue for Portugal's overseas territories, and by 1947 was producing notes for multiple colonies simultaneously — this 100 Escudos was specific to Angola. Waterlow & Sons had a long relationship with BNU going back decades, handling much of the colonial series production through the interwar and postwar periods.

Pick 35A is distinguished from the later 35B by its signature combination. The distinction matters more than it might appear: BNU directorial appointments in this period tracked closely with Lisbon's political winds under the Estado Novo, and signature variants are sometimes the only documentary evidence of when a specific authorization was in force.