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25 Patacas Stamp PAGAVEL EM TIMOR over '25 Patacas', Macau

Issuer Banco Nacional Ultramarino
Year 1945
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Value 25 Patacas
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Obverse description A Banco Nacional Ultramarino 25 Patacas note originally issued for Macau, counterstamped in 1945 for circulation in Portuguese Timor with a typeset overprint reading 'PAGÁVEL EM TIMOR' applied in dark ink at the top centre. The central vignette is framed by an ornate guilloche ellipse bearing the bank name 'BANCO NACIONAL ULTRAMARINO' in bold letterpressed arcs, with the denomination '$25' appearing in two lateral cartouches and the Portuguese Republic coat of arms at centre. Chinese character panels reading 貳拾伍圓 appear in each corner against a fine pink rose-engine underprint, with the printer's imprint 'BARCLAY & FRY LIMITED, LONDON, E.C.' at the lower margin.
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Reverse description The reverse of this note carries the same counterstamp overprint 'PAGÁVEL EM TIMOR' applied in dark typeset ink at the top centre, superimposed over the original Macau banknote design. The layout mirrors the obverse guilloche and border work, with the denomination and Chinese characters repeated in the corner panels against the pink underprint, serving as the side upon which the Timor overprint is most visually dominant.
Reverse lettering PAGÁVEL EM TIMOR
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