50 Avos Banco Nacional Ultramarino

The Banco Nacional Ultramarino's Macau branch relied on Hong Kong for printing throughout the colonial period, and this 1946 issue is a direct product of that arrangement. Printed by Hongkong Printing Press (1946) Ltd. — the "1946" in the company's own name reflecting its recent reconstitution after the Japanese occupation disrupted commercial operations across the colony — the note belongs to a postwar restabilization effort rather than routine currency management.

Macau itself had remained under Portuguese administration throughout World War II, a peculiar neutrality that kept the pataca circulating when neighboring currencies collapsed. The 50 avos denomination served the fractional end of daily commerce in a port economy where small transactions dominated.