50 000 Reis

Banco Nacional Ultramarino was a Lisbon-based institution chartered specifically to serve Portugal's overseas territories, and by 1909 it held note-issuing authority across a sprawling network of colonies from Mozambique to Macau. This particular denomination — 50,000 Reis — places the note in the final years before Portugal's 1911 monetary reform abolished the Reis entirely and replaced it with the Escudo at a rate of 1000:1, which instantly rendered all Reis-denominated paper redundant.

Bradbury Wilkinson's engraved intaglio work was among the most respected security printing of the period, their London facility having supplied colonial currency across multiple European empires simultaneously.