50 Rupias

The Banco Nacional Ultramarino issued this note for Portuguese India — Goa specifically — where the rupee-based monetary system ran parallel to the escudo economy of metropolitan Portugal. The BNU held the note-issuing monopoly across Portuguese overseas territories, and its Indian branch operated under particular pressure: British Indian currency circulated freely across the border, and public preference for it over locally issued paper was a persistent administrative headache throughout the 1920s.

Thomas De La Rue printed the series in London, as they did for the bulk of BNU's colonial output during this period. Pick 28 is scarce in any grade.