2 500 Reis

Banco Nacional Ultramarino was the Portuguese colonial bank of issue across multiple overseas territories simultaneously — Angola, Mozambique, Cape Verde, São Tomé, and others — and notes from this period were issued without territory-specific overprints, meaning a single printing could theoretically circulate across vastly different colonial economies. Whether this particular 2500 Reis issue was intended for general ultramarino circulation or a specific territory is a question the Pick reference alone doesn't resolve.

Bradbury Wilkinson's intaglio work from this decade is consistently precise, and the 1908 date places this note squarely in the final years before Portugal's monarchy collapsed in 1910.