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20 Escudos

Issuer Banco Nacional Ultramarino
Year 1946
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Printer Bradbury, Wilkinson & Co. Ltd., New Malden, Surrey, United Kingdom
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Obverse description Brown intaglio print over a multicolour guilloche underprint. A portrait vignette of Dom Afonso V occupies the right side of the note, while the Portuguese Coat of Arms appears at upper centre and the bank seal is positioned at left. The overall design reflects the colonial-era typographic and engraved style characteristic of Bradbury Wilkinson productions of the period.
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Reverse description Brown intaglio print. A central vignette presents a female allegorical figure alongside a view of steamships, evoking maritime commerce and colonial trade. The Portuguese Coat of Arms is positioned at right, framed by engraved border work typical of Bradbury Wilkinson's output.
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Comments

Banco Nacional Ultramarino occupied an unusual position in Portuguese colonial finance — chartered in Lisbon but functioning as the note-issuing authority across multiple overseas territories simultaneously, including Mozambique, Angola, Cape Verde, and Portuguese Timor. This note belongs to the Mozambique series, where BNU held its monopoly on currency issue throughout the Estado Novo period. Bradbury, Wilkinson produced clean, technically accomplished work for numerous colonial issuers during the 1940s, and their intaglio printing for BNU was no exception.

The 1946 date places this issue in the immediate postwar period, when Portuguese Mozambique remained largely insulated from the economic disruptions that forced currency reforms elsewhere in southern Africa.

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