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20 000 Reis

Issuer Banco Nacional Ultramarino
Year 1909
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Value 20 000 Reis (20 000)
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Obverse description Portrait of Vasco da Gama at left within an ornate frame, with a vignette of Vasco da Gama embarking at right; coat of arms at upper right and a red seal at bottom centre. The design is executed in fine intaglio engraving with dense guilloche underprint throughout.
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Variants P#8as - seal type Specimen
P#8b - seal type
Comments

Banco Nacional Ultramarino was established in 1864 specifically to manage currency and credit across Portugal's overseas territories, and by 1909 it held note-issuing rights across a sprawling collection of colonies from Mozambique to Macau. This particular note was issued for Portuguese India — Goa, Damão, and Diu — a jurisdiction that remained under Lisbon's control until the Indian Army's annexation in December 1961.

Bradbury Wilkinson had a long relationship with BNU across multiple territories, and their intaglio work on this series is technically accomplished. The 20,000 Réis denomination reflects the old Portuguese currency system, which would not be replaced by the Escudo until 1911 — meaning this note was printed under one monetary framework and likely circulated under another.

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