50 000 Reis

Banco Nacional Ultramarino occupied an unusual position in Portuguese colonial finance — it held note-issuing authority not just for one territory but across multiple overseas possessions simultaneously, a privilege repeatedly renewed by Lisbon despite periodic challenges from rival banking interests. The 1909 series for which this note belongs was produced by Bradbury Wilkinson at their New Malden works in Surrey, a firm then at the peak of its reputation for intaglio security printing across British and foreign colonial contracts alike.

At 50,000 Réis, this sits near the top of the denomination range for practical commercial use in the period — a substantial sum in an economy where most daily transactions ran in single-digit milréis.