50 Centavos

Banco Nacional Ultramarino held a unique position in Portuguese colonial finance — a private institution operating under government charter, issuing currency across multiple territories simultaneously. This note was produced for Mozambique, where BNU maintained the monopoly of issue throughout the colonial period. Bradbury, Wilkinson's work for BNU during this period is consistent and technically accomplished, though the fractional denominations from this 1921 run are considerably harder to find than the higher values from the same series, likely a result of heavier circulation handling.