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| 正面描述 | Printed in shades of dark red and brown, the obverse centres on a vignette of a traditional Timorese village with thatched-roof huts set amid tropical foliage. The bank title BANCO NACIONAL ULTRAMARINO appears across the top panel in bold letterpress, with the denomination in both Western numerals and Chinese characters repeated in the corners and along the lower border. The date and decree reference LISBOA, 16 de Novembro de 1945 appear in the lower right field, flanked by two facsimile signature lines and the word TIMOR in a lower guilloche band. |
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| 背面铭文 | BANCO NACIONAL ULTRAMARINO PAGAVEL NA COLONIA DE TIMOR $25 VINTE E CINCO PATACAS $25 |
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| 防伪类型 | 登录 以查看详情 |
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Waterlow & Sons printed this issue for Macau during the final year of the Second World War — a period in which the Portuguese enclave had maintained nominal neutrality while surrounded by Japanese-occupied territory. That precarious position kept the colony's financial infrastructure functioning independently of Lisbon's direct control, and the Banco Nacional Ultramarino operated accordingly, issuing notes to manage a local economy under severe pressure from wartime inflation and commodity scarcity.
P#20 is considerably scarcer than the later Waterlow-printed issues for Macau. Surviving examples in any honest circulated grade are not common, and the 1945 date places this at the very end of a troubled interval in the colony's history.