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5 Escudos
| Issuer | Banco Nacional Ultramarino |
|---|---|
| Year | 1921 |
| Type | Standard circulation banknote |
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| Obverse description | Black on multicolour underprint. Portrait vignette of Francisco de Oliveira Chamiço at left, the Portuguese Coat of Arms at lower centre, and the bank seal at right. Two red overprints reading "S. TOMÉ e PRÍNCIPE" appear on the face of the note. |
|---|---|
| Obverse lettering | BANCO NACIONAL ULTRAMARINO PROVINCIA DE S. TOMÉ e PRÍNCIPE CINCO ESCUDOS PAGAVEL NAS DEPENDENCIAS DA PROVINCIA DE S. TOMÉ e PRÍNCIPE LISBOA, 1 de Janeiro de 1921. BRADBURY, WILKINSON & Co. Ld. GRAVADORES, LONDRES SPECIMEN (Translation: National Overseas Bank Province of St. Thomas and Prince Five Escudos Payable at the branches of the Province of St. Thomas and Prince Lisbon, 1st January 1921. Bradbury, Wilkinson & Co. Ltd. Engravers, London) |
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| Comments |
Banco Nacional Ultramarino occupied an unusual position in Portuguese colonial finance — it held note-issuing rights not for metropolitan Portugal but for the overseas territories, and this 1921 issue was authorized specifically for Angola. Bradbury, Wilkinson had been producing BNU's colonial issues since the late nineteenth century, and by 1921 the relationship was well-established enough that the plates required minimal revision between denominations in the same series.
Angola was in the middle of a prolonged currency instability during this period, driven by wartime disruption and postwar commodity shocks in coffee and rubber exports. Small denominations like this moved through trade at a premium over larger notes, which were frequently refused in rural markets.