20 Escudos

Banco Nacional Ultramarino was the Portuguese colonial note-issuing bank, and by 1922 it was operating across multiple overseas territories simultaneously — Mozambique, Angola, Goa, Timor, Cape Verde, and others — often issuing notes of identical design but overprinted or inscribed for specific colonies. P#29 fits within a family of Bradbury, Wilkinson-engraved issues that the bank leaned on heavily during the early 1920s as postwar currency pressures hit the escudo hard in metropolitan Portugal.

Bradbury, Wilkinson's intaglio work on colonial issues of this period is generally fine, but the 20 Escudo denomination was low enough that circulation wear tends to be severe on surviving examples.