20 000 Réis

Banco Nacional Ultramarino occupied an unusual position in Portuguese colonial finance — chartered in Lisbon but operating as the note-issuing authority across multiple overseas territories simultaneously, including Mozambique, Angola, Cape Verde, and Portuguese India. A single plate design could be adapted and overstamped for entirely different territories, which makes attribution of any BNU issue to a specific circulation area worth examining carefully before assuming provenance.

Bradbury Wilkinson handled BNU printing contracts across several decades and series. By 1909 the firm was well established in colonial currency work for multiple European powers, and their intaglio standards were consistent. Pick 35 sits within a high-denomination tier that would have seen limited teller-counter use — 20,000 Réis was substantial money in any Portuguese territory at this date.

Portugal's shift to the Escudo system came in 1911, making this a very late Réis-denominated issue.