20 Centavos seal types II and III

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.