100 Escudos

The Banco Nacional Ultramarino served as the note-issuing bank for Portugal's overseas territories — in this case, Mozambique — rather than functioning as a conventional central bank. By 1972 that arrangement was already politically precarious; the armed insurgency led by FRELIMO had been active since 1964, and the Portuguese colonial administration was spending heavily on military operations across three African fronts simultaneously.

Two signature combinations are known for P#113, suggesting the note remained in print across at least one change in bank directorship. Thomas De La Rue produced the series in London throughout this period.