500 Escudos

The Banco Nacional Ultramarino held an unusual position among Portuguese colonial institutions — a private bank granted sovereign note-issuing rights across multiple territories, from Mozambique to Macau. By 1945, the bank's 500 Escudo denomination was among the highest-value instruments in circulation, and the Bradbury Wilkinson engraving reflects that: the London firm was rarely commissioned for low-prestige work.

Two distinct signature combinations share the same date of 29 November 1945, differing only in the first signatory — Pimenta versus Correia de Aguiar. This likely reflects a transition in board membership rather than two separate printings, with sheets signed across an administrative changeover.