The Banco Nacional Ultramarino issued this note for Portuguese India — Goa, Daman, and Diu — where the rupia, not the escudo, remained the local unit of account well into the twentieth century. BNU held the note-issuing concession for Portuguese overseas territories, and the Goa branch operated semi-independently from Lisbon's monetary decisions for decades.
Thomas De La Rue printed the series in London. The 1924 date places it squarely in a period of chronic fiscal stress for Portugal itself, though the Indian branches remained relatively insulated from the metropolitan chaos of the early Republic years.
The Banco Nacional Ultramarino issued this note for Portuguese India — Goa, Daman, and Diu — where the rupia, not the escudo, remained the local unit of account well into the twentieth century. BNU held the note-issuing concession for Portuguese overseas territories, and the Goa branch operated semi-independently from Lisbon's monetary decisions for decades.
Thomas De La Rue printed the series in London. The 1924 date places it squarely in a period of chronic fiscal stress for Portugal itself, though the Indian branches remained relatively insulated from the metropolitan chaos of the early Republic years.