5 Avos Banco Nacional Ultramarino

The Banco Nacional Ultramarino served as the note-issuing authority for Portuguese Macau from its concession in 1902, and this 5 Avos — essentially a fractional note — was produced locally in Hong Kong rather than in Lisbon or Coimbra. That printing choice was entirely practical: wartime disruptions had already severed reliable long-distance supply chains, and by 1946 the Hong Kong press offered a faster, cheaper solution for low-denomination fiduciary paper.

The avo denominations were notoriously short-lived in circulation, worn down quickly and seldom saved. Intact examples at this size are harder to find than the higher denominations of the same issue.