100 Escudos

The Banco Nacional Ultramarino occupied an unusual position in Portuguese colonial finance — it held note-issuing rights not for Portugal itself, but for its overseas territories, and by 1921 was managing currency for scattered possessions across Africa, Asia, and the Pacific from a single Lisbon-based institution. P#61 falls within the period when BNU was rationalizing its note designs across multiple territories, and determining exactly which territory this issue served requires checking the place-of-payment text carefully, as Bradbury Wilkinson produced visually similar plates for different colonial jurisdictions simultaneously.

Bradbury Wilkinson's intaglio work for colonial issuers in this period is consistently fine. The London firm was printing for dozens of governments and quasi-governmental banks at the time, and BNU was a long-standing client.