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| 正面描述 | The obverse presents a central oval intaglio portrait vignette of a bearded male figure, likely a historical explorer or statesman, set against an intricate guilloche underprint in dark blue and black. To the right, a secondary vignette depicts a coastal harbour scene with figures and a sailing vessel, while a red circular cachet inscribed 'BANCO NACIONAL ULTRAMARINO / FILIAL EM S. THOMÉ' is superimposed at centre. The note bears the date 'LISBOA, 1 de Março de 1909', serial numbers in red and black, and printed signature lines at the lower portion above the inscription 'COLONIAS COMMERCIO AGRICULTURA'. |
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| 背面描述 | The reverse is printed predominantly in red and orange on a pale ground, dominated by a large central guilloche medallion bearing the numeral '20' on both flanks and enclosing an allegorical vignette of a seated female figure beside a sailing ship. The circular legend 'BANCO NACIONAL ULTRAMARINO' surrounds the medallion, and elaborate lathe-work borders fill the entire field. At the upper centre the overprint reads 'PAGAVEL NA FILIAL EM S. THOMÉ'. |
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The Banco Nacional Ultramarino occupied an unusual position in Portuguese colonial finance — chartered in Lisbon in 1864, it held note-issuing rights not just for Portugal's African and Asian territories but also, at various points, for metropolitan Portugal itself during periods when the Banco de Portugal's monopoly was contested. By 1909, the BNU was the primary circulation bank for Portuguese Guinea, São Tomé, Cape Verde, Mozambique, Angola, and several Asian possessions, meaning a single series of notes had to function across wildly different economic environments.
The 1909 series was printed at the Casa da Moeda in Lisbon. Surviving examples frequently show ink oxidation along fold lines — a known issue with this printing run attributed to the cotton stock used.