5000 Reis

Banco Nacional Ultramarino was a Lisbon-based institution with a colonial mandate — it held note-issuing rights across Portuguese overseas territories, and by 1909 was producing currency for multiple distinct administrations simultaneously. This particular note was for metropolitan Portugal's purposes rather than the colonies, an arrangement that made BNU's position constitutionally unusual: a private bank holding monopoly issuance rights in a country still nominally a constitutional monarchy, barely a year before the 1910 republican revolution would force a fundamental renegotiation of those privileges.

Bradbury Wilkinson's involvement places the printing firmly in London's New Malden works.