50 Escudos

Bradbury, Wilkinson printed this note for Banco Nacional Ultramarino, the state-backed colonial bank that held monopoly rights over currency issuance across Portugal's overseas territories. The 1921 date places it amid a chaotic period for Portuguese colonial finance — metropolitan Portugal had been struggling with wartime inflation and fiscal instability since the early 1910s, and the escudo itself had only replaced the old milréis system in 1911, meaning the currency framework was barely a decade old when this note was struck in London.

The BNU's reliance on Bradbury, Wilkinson throughout this period was consistent across multiple colonial territories, with plates sometimes shared or adapted between issues.