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25 Patacas
| Issuer | Banco Nacional Ultramarino |
|---|---|
| Year | 1945 |
| Type | Log in to see details |
| Value | Log in to see details |
| Currency | Pataca (1894-1959) |
| Composition | Log in to see details |
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| In circulation to | Log in to see details |
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| Obverse description | Log in to see details |
|---|---|
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| Reverse description | Log in to see details |
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| Protection type | Watermark |
| Protection description | Watermark present in the paper; exact design not confirmed from catalog sources. |
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| Comments |
Waterlow & Sons printed this issue for Macau during the final year of the Second World War — a period in which the Portuguese enclave had maintained nominal neutrality while surrounded by Japanese-occupied territory. That precarious position kept the colony's financial infrastructure functioning independently of Lisbon's direct control, and the Banco Nacional Ultramarino operated accordingly, issuing notes to manage a local economy under severe pressure from wartime inflation and commodity scarcity.
P#20 is considerably scarcer than the later Waterlow-printed issues for Macau. Surviving examples in any honest circulated grade are not common, and the 1945 date places this at the very end of a troubled interval in the colony's history.