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20 Centavos seal types II and III
| Issuer | Banco Nacional Ultramarino |
|---|---|
| Year | 1914 |
| Type | Standard circulation banknote |
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| Obverse description | Dark blue on multicolour underprint, with the Portuguese Coat of Arms at right and the bank seal at bottom centre in two distinct varieties. The overprint BOLAMA at top centre identifies the issuing branch. Dated Lisboa, 5 de Novembro de 1914, with the denomination VINTE CENTAVOS rendered in bold lettering. |
|---|---|
| Obverse lettering | BANCO NACIONAL ULTRAMARINO EM BOLAMA VINTE CENTAVOS MOEDA CORRENTE LISBOA, 5 de Novembro de 1914. (Translation: National Overseas Bank in Bolama Twenty Centavos Current Currency Lisbon, 5 November 1914.) |
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| Comments |
Banco Nacional Ultramarino's 20 Centavos emergency fractional notes of 1914 were a direct response to the hoarding of metal coinage that swept Portuguese colonial territories — and metropolitan Portugal itself — at the outbreak of the First World War. Small-denomination coin disappeared from circulation almost overnight, and paper substitutes at fractions of the escudo became an administrative necessity.
The seal type distinctions between Pick 7's Type II and Type III variants reflect successive overprinting or authentication measures applied as the notes moved through different issuing or validating offices. Collectors have documented both, though distinguishing them in lower grades requires attention to ink quality and impression depth rather than design differences.