5.000 Reis

Banco Nacional Ultramarino was chartered in 1864 specifically to serve Portugal's overseas territories, and this 1868 issue is among the earliest notes the bank produced. Whether it circulated in metropolitan Lisbon or was shipped to one of the colonial branches — Mozambique, Angola, Cape Verde — is not always clear from surviving examples, as the same plates served multiple destinations with overprints or manuscript annotations applied as needed.

Pick 2 is genuinely rare. The guilloche border was the primary anti-counterfeiting measure at a time when photographic reproduction was becoming a real concern for note issuers across Europe.