10 Escudos

Bradbury, Wilkinson printed this note for the Banco Nacional Ultramarino, the Portuguese colonial bank that held note-issuing authority across multiple overseas territories simultaneously — Mozambique, Angola, Cape Verde, Portuguese India, and others — often using near-identical plate designs distinguished only by overprint or small typographic changes. Establishing with certainty which territory this specific P#15 was intended for requires checking the payable text carefully, as catalog cross-referencing across BNU issues of this period is notoriously inconsistent.

1921 was a turbulent year for Portuguese colonial finance, with postwar inflation and currency instability in the metropole putting real pressure on peripheral issuers.