The Banco Nacional Ultramarino's Portuguese India branch issued this note during a period when Goa's monetary affairs were administratively distinct from both metropolitan Portugal and British India next door. Thomas De La Rue had been the BNU's printer of choice for colonial issues across multiple territories, and the quality of the intaglio work on this series reflects that long commercial relationship.
The 1924 dating places it within a short window before revised colonial banking regulations tightened control over note issuance from Lisbon. Survivors are genuinely uncommon — Portuguese India saw hard daily use of its paper currency, and the humid coastal climate was not kind to De La Rue's stock.
The Banco Nacional Ultramarino's Portuguese India branch issued this note during a period when Goa's monetary affairs were administratively distinct from both metropolitan Portugal and British India next door. Thomas De La Rue had been the BNU's printer of choice for colonial issues across multiple territories, and the quality of the intaglio work on this series reflects that long commercial relationship.
The 1924 dating places it within a short window before revised colonial banking regulations tightened control over note issuance from Lisbon. Survivors are genuinely uncommon — Portuguese India saw hard daily use of its paper currency, and the humid coastal climate was not kind to De La Rue's stock.