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20 000 Reis

Issuer Banco Nacional Ultramarino
Year 1909
Type Standard circulation banknote
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Obverse lettering BANCO NACIONAL ULTRAMARINO O THESOUREIRO DA FILIAL EM S. THIAGO PAGARÁ Á VISTA AO PORTADOR VINTE MIL RÉIS EM MOEDA CORRENTE VALOR RECEBIDO LISBOA. 1 de MARÇO de 1909.
(Translation: National Bank Overseas The Treasurer of the Agency of St. Thiago Pay in cash by carrier Twenty Thousand Reis in currency Amount received Lisbon, March 1st, 1909.)
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Reverse lettering PAGAVEL NA FILIAL EM S. THIAGO BANCO NACIONAL ULTRAMARINO
(Translation: Payable in agency of St. Thiago National Bank Overseas)
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Banco Nacional Ultramarino was established in 1864 specifically to manage currency and credit across Portugal's overseas territories, and by 1909 it held note-issuing rights across a sprawling collection of colonies from Mozambique to Macau. This particular note was issued for Portuguese India — Goa, Damão, and Diu — a jurisdiction that remained under Lisbon's control until the Indian Army's annexation in December 1961.

Bradbury Wilkinson had a long relationship with BNU across multiple territories, and their intaglio work on this series is technically accomplished. The 20,000 Réis denomination reflects the old Portuguese currency system, which would not be replaced by the Escudo until 1911 — meaning this note was printed under one monetary framework and likely circulated under another.