20 000 Reis

The Banco Nacional Ultramarino was Lisbon's designated colonial bank, holding exclusive note-issuing rights across Portuguese overseas territories. This 20,000 Réis note was issued for Mozambique, where the BNU operated as the effective central bank — a role it would retain, in various forms, until well into the twentieth century. The 1897 date places it squarely in the period before the escudo replaced the réis system, when denominations of this magnitude reflected the réis' chronic low unit value rather than any unusual face amount.

Pick 6 is genuinely scarce. Surviving examples in collectable condition are rarely offered.