50 Rupias

Banco Nacional Ultramarino issued this note for Portuguese India — the Estado da India territory centered on Goa, Daman, and Diu — where the Rupia served as the distinct local currency rather than the metropolitan Escudo. Thomas De La Rue printed the series in London, as they did for most Portuguese colonial issues of this period, and the 1938 date places it squarely in the Salazar-era rationalisation of Portuguese overseas banking administration.

Pick 34 is notably scarcer than the higher-denomination notes of the same series, likely because the 50 Rupias circulated harder and longer in daily trade.