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| 正面描述 | A Macau-issued 50 Avos note of the Banco Nacional Ultramarino, lithographed in dark olive-green on a pale ground, with an elaborate guilloche border incorporating Chinese characters and denomination medallions at each corner. The Portuguese royal arms on an armillary sphere, set within a laurel wreath, forms the central vignette at the top, flanked by dual serial numbers; the denomination tablet reading CINCOENTA AVOS appears at centre, with a green underprint numeral 50 at lower left. A bold red overprint reading PAGAVEL EM TIMOR has been applied across the face to authorise circulation in Portuguese Timor, and a manuscript signature appears beneath it above the GERENTE caption. |
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| 正面铭文 | MACAU Nº 102686 BANCO NACIONAL ULTRAMARINO PAGAVEL EM TIMOR CINCOENTA AVOS Nº 102686 |
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When Japanese forces cut off normal supply lines to Portuguese Timor in late 1941 and early 1942, the Banco Nacional Ultramarino had no practical means of printing and shipping proper currency to Dili. This note is a stopgap from the previous emergency: the 1940 issue was produced in Hong Kong by the Hongkong Printing Press and then handstamped "PAGAVEL EM TIMOR" — payable in Timor — to distinguish it from parallel BNU issues circulating in Macau. The overprint was the bank's way of segmenting its colonial currency pools with minimal infrastructure.
Pick 9 is among the scarcer BNU provisional issues from this period, partly because Portuguese Timor's wartime occupation severely disrupted orderly redemption and record-keeping.