5 Avos Banco Nacional Ultramarino

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正面铭文	行銀理滙外海國洋西大 BANCO NACIONAL ULTRAMARINO MACAU O DIRECTOR DE FAZENDA \| O GERENTE 5 CINCO AVOS DECRETO № 35,785 LISBOA, 6 DE AGOSTO DE 1946 LITO. BY THE HONG KONG PRINTING PRESS (1946) LTD.
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背面铭文	CINCO AVOS 仙伍 BANCO NACIONAL ULTRAMARINO MACAU 門澳 COLÓNIA PORTUGUESA
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备注	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.

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