50 Avos Banco Nacional Ultramarino

The Banco Nacional Ultramarino's wartime Macau issues were printed locally under Japanese occupation of Hong Kong — which makes the Hongkong Printing Press attribution here genuinely awkward. Hong Kong fell to Japan in December 1941, and by 1944 any commercial printing there operated under Japanese administration. Macau itself remained nominally Portuguese throughout the war, a precarious neutrality that kept the colony functioning as a financial enclave even as the surrounding region collapsed.

Whether this note was actually produced in occupied Hong Kong or whether the imprint reflects an earlier printing arrangement is a question the physical evidence of surviving examples hasn't fully resolved.