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| 背面描述 | Plain paper reverse with handwritten endorsement text in Portuguese, including a date reference of 30-6-1924 and the notation 'Desconto nos livros da FP Nº 50 de 1924'. Multiple manuscript signatures of bank officials are applied diagonally across the surface, accompanied by a faint embossed seal of the Banco Nacional Ultramarino in the lower left corner. A row of perforated cancellation holes matching the obverse perforation is visible across the upper portion. |
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| 防伪类型 | Perforation |
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| 备注 |
Banco Nacional Ultramarino occupied an unusual position in Portuguese finance — it was a private institution holding colonial note-issuing rights across Portuguese Africa and Asia simultaneously, a concentration of monetary authority that would have been unthinkable for a metropolitan bank. The 1924 500 Escudos belongs to a series for metropolitan Portugal itself, issued during a period of severe fiscal instability when the escudo had already lost most of its pre-war gold parity.
Waterlow & Sons produced the plates. Perforation as the primary security feature reflects the budget constraints of the period — intaglio printing was expensive, and Portugal's finances in 1924 left little room for elaborate paper security.