100 Patacas

The 1999 issue marks the final series produced for Macau under Portuguese administration before the handover to China on 20 December 1999. Banco Nacional Ultramarino had been the note-issuing authority for Macau since 1902, and this note was among the last to carry that mandate — BNU retained limited issuing rights after the handover but shares that role with Banco da China under the MSAR framework.

Thomas De La Rue's involvement kept production quality consistent with earlier BNU Macau issues. The security package here is relatively modest for a late-1990s high-denomination note — watermark and thread only, no optically variable ink — which reflects the small, low-risk circulation environment of a territory whose GDP was then dominated by a handful of casino operators.