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| 正面描述 | The obverse is printed in olive-green and red on a pale guilloche underprint, with the denomination numeral '50' in a circular vignette at left and the Portuguese National Coat of Arms in an ornate cartouche at right. A central oval medallion bears the circular blue seal of the Banco Nacional Ultramarino, Lisboa, with a steamship motif. The date 'Lisboa, 5 de Novembro de 1914' appears at lower right, flanked by two manuscript signature lines for the Vice-Governor and Governor. |
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| 背面铭文 | BANCO NACIONAL ULTRAMARINO 0$50 0$50 BRADBURY WILKINSON & Co LE GRAVADORES LONDRES (Translation: National Overseas Bank, Bradbury Wilkinson & Co the Engravers, London) |
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The Banco Nacional Ultramarino, headquartered in Lisbon but chartered to operate across Portuguese overseas territories, issued this 50 Centavos note during the early years of the Portuguese Republic — a period of chronic monetary instability when small-denomination paper was pushed into circulation largely because silver coins had effectively vanished from everyday trade. Hoarding and metal shortages made fractional notes a practical necessity rather than a policy choice.
Bradbury Wilkinson's involvement places this among the better-produced colonial issues of the period. The firm's intaglio work was considered reliable for anti-counterfeiting purposes at a time when the Republic's credibility was not.