20 Avos Banco Nacional Ultramarino

The Banco Nacional Ultramarino operated as the privileged issuing bank across Portugal's overseas territories, and this 20 Avos note belongs to the low-denomination fractional series produced for Timor — a colonial outpost where the circulation economy ran on very small transactions. Bradbury Wilkinson handled the printing, as they did for a considerable portion of Portugal's colonial currency work during this period.

The avo denominations are the scarcer end of the Timor series. Low-face fractional notes from remote colonial territories tend to disappear into actual use rather than collections, and survival rates reflect that.