10 Mil Reis

Bradbury Wilkinson produced this note for the Banco Nacional Ultramarino, the Lisbon-based colonial bank that held note-issuing privileges across Portugal's overseas territories. The critical question with BNU issues of this period is always which territory the notes were intended for — the same printer, often the same plate design, served multiple colonial branches simultaneously, and overprints or specific payability text determined the actual destination.

P#31A places this within the Mozambique series. By 1908, BNU's position in Mozambique was already being challenged by competing commercial interests, and metropolitan Portugal was under mounting pressure to rationalize its colonial financial infrastructure — a reorganization that would accelerate sharply after the 1910 republic.