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| 正面描述 | A Macau-issued Banco Nacional Ultramarino 25 Patacas note, counterstamped in 1920 with a rubber overprint reading 'PAGAVEL EM DILLY-TIMOR' authorising its use in Portuguese Timor. The central design is dominated by a large intaglio-printed dark oval guilloche band bearing the bank name 'BANCO NACIONAL ULTRAMARINO' in bold serif lettering, enclosing a circular vignette of the Portuguese royal coat of arms surmounted by a crown, flanked left and right by denomination panels reading '$25'. A pink lathe-work underprint covers the entire field, with four corner panels each bearing the Chinese character denomination '貳拾伍圓', all contained within an ornate engraved geometric border; the printer's imprint 'BARCLAY & FRY, LIMITED, LONDON, S.E.' appears in small letterpress at the foot of the note. |
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| 正面铭文 | BANCO NACIONAL ULTRAMARINO $25 貳拾伍圓 PAGAVEL EM DILLY-TIMOR BARCLAY & FRY, LIMITED, LONDON, S.E. |
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This note is a Macau-base 25 Patacas issue overprinted "PAGAVEL EM DILLY-TIMOR" — payable in Dili — redirecting it for circulation in Portuguese Timor rather than the colony for which it was originally prepared. The Banco Nacional Ultramarino routinely adapted existing stock this way when dedicated printings for smaller territories were economically unjustifiable, and Timor was rarely a priority.
The "S" suffix in the Pick reference designates this as a specimen. Barclay & Fry produced BNU material for several Portuguese colonial territories during this period, though they are far less documented in the literature than contemporaries like Waterlow or Bradbury Wilkinson.