100 Rupias

Banco Nacional Ultramarino was the sole note-issuing authority for Portuguese India, operating under a colonial concession rather than as a central bank in any modern sense. This 1945 issue came during a period when the Estado Novo government in Lisbon was carefully managing the appearance of continuity across its overseas territories — wartime disruptions had complicated earlier print runs, and Bradbury Wilkinson's New Malden facility had been navigating wartime production constraints throughout the early 1940s.

Pick 39 is scarcer than the catalog position implies. Portuguese India's small population and limited commercial economy meant issue volumes were low, and few notes survived the 1961 Indian annexation of Goa, Daman, and Diu intact.