100 Patacas

The Banco Nacional Ultramarino issued pataca-denominated notes for Macau through a Portuguese metropolitan bank rather than any locally constituted authority — a colonial arrangement that persisted well into the postwar decades. This 1944 note was printed by Thomas De La Rue in London during the Japanese occupation of neighbouring Hong Kong, when Macau's nominal Portuguese neutrality made it an anomalous pocket of non-belligerent territory surrounded by war.

Pick 26 is among the scarcer wartime Macau issues. The occupied regional economy created unusual demand patterns, and surviving examples in any honest circulated grade are not common.