20 000 Reis

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.