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| 正面描述 | The obverse is printed in blue-grey and divided into three vignette zones: at left, a classical figure of Mercury rendered in allegorical style amid clouds above a harbour scene with a steamship and sailing vessels; at right, a female allegorical figure holding a branch stands over a rural agricultural scene with a worker in the foreground. The central panel carries the denomination numeral "50" below the bank title, flanked by the serial number in red, with the Portuguese royal arms at top centre, two manuscript signatures below the date line, and "MOÇAMBIQUE" inscribed within a decorative tablet at the base. Denomination numerals "50" appear in guilloche circles at each lower corner. |
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| 正面铭文 | BANCO NACIONAL ULTRAMARINO 50 CENTAVOS Lisboa, 1 de Janeiro de 1920 MOÇAMBIQUE (Translation: National Bank Overseas 50 Cents Lisbon, January 1st., 1920 Mozambique) |
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The Banco Nacional Ultramarino issued this note for Portuguese Angola during a period when small-denomination coin shortages were chronic throughout Portugal's African territories. Wartime metal demands had badly disrupted subsidiary coinage supply, and fractional paper — normally an emergency stopgap — became a prolonged fixture of everyday commerce well into the early 1920s.
Pick 64 is among the scarcer fractional issues of this series; the small format meant heavy handling damage in circulation, and survival rates are low even for notes that were technically "in use" only briefly.