20 Centavos

Banco Nacional Ultramarino's 20 Centavos of 1914 belongs to a series of fractional notes issued for Portuguese overseas territories during a period when small-denomination coinage had effectively vanished from circulation — hoarded, exported, or melted. Bradbury Wilkinson printed the series in London, a firm whose work for colonial currency issuers across multiple empires was extensive and technically consistent throughout this period.

Without clearer catalog documentation of which specific territory this note was payable in — the BNU operated across Portuguese Africa, Asia, and the Pacific — the precise circulation story remains ambiguous. Pick #54 would help narrow this, but that reference should be verified against the territory designation printed on the note itself.