100 Escudos

Banco Nacional Ultramarino occupied a peculiar institutional position — it was a Lisbon-based private bank granted monopoly rights to issue currency across Portugal's overseas territories, a function it held for decades without being a central bank in any formal sense. This 1946 issue would have circulated in one of those colonial territories, though the specific destination is not marked on the note itself in a way that distinguishes it from other BNU series of the period.

Bradbury Wilkinson's New Malden facility was among the most technically capable security printers of the mid-twentieth century, supplying colonial currency to multiple European powers simultaneously — a commercial arrangement that sometimes meant plate designs migrated between issuers with only cosmetic alterations.