20 Escudos

Bradbury Wilkinson printed this wartime-era note for the Banco Nacional Ultramarino, the colonial note-issuing institution that served Portugal's overseas territories. The specific territory this note was intended for isn't declared in the face data alone — BNU issued across multiple colonies simultaneously, and the Pick 96 reference places this within the Guinea-Português series, a territory where Portuguese colonial currency policy remained unchanged even as Europe rebuilt after the war.

Watermark-only security reflects BNU's consistent conservatism in specification. No serial prefix coding, no overprint modifications — just Bradbury Wilkinson's reliable intaglio work on cotton stock.