Catalog
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| Issuer | Banco Nacional Ultramarino |
|---|---|
| Year | 1946 |
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| Value | 5 Patacas |
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| Obverse description | Original Banco Nacional Ultramarino Macau issue of 1924, counterstamped in 1945 for circulation in Portuguese Timor. The face carries a black bar overprint obscuring the word MACAU, a letterpress stamp reading DECRETO Nº 17154, and a rectangular overprint inscribed PAGAVEL EM TIMOR applied in dark ink across the lower portion of the note. |
|---|---|
| Obverse lettering | BANCO NACIONAL ULTRAMARINO CINCO PATACAS DECRETO Nº 17154 PAGAVEL EM TIMOR MACAU |
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| Comments |
This note began life as a Macau issue before being overprinted with "PAGAVEL EM TIMOR" — payable in Timor — and a new denomination, effectively converting existing Banco Nacional Ultramarino stock for circulation in Portuguese Timor rather than commissioning an entirely separate print run. The practice was economical but not unusual for the BNU, which managed currency across Portugal's scattered colonial territories from a single institutional apparatus.
Portuguese Timor's monetary situation in 1946 was still unsettled following the Japanese occupation, which had run from 1942 to 1945 and left the colony's earlier circulating currency badly disrupted. The overprint was a stopgap measure while more permanent arrangements were established.