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Auction: 25200 - World, British and Irish Banknotes - e-Auction
Lot: 976

(x) Banco Nacional Ultramarino, Mozambique, [Top Pop] specimen 50,000 Reis, Lisbon, 1st March 1909,
Founded in 1864, the Banco Nacional Ultramarino (BNU) was a crucial institution in the financial connection between Portugal and its overseas colonies. Established by Francisco de Oliveira Chamiço under the Royal Charter of 16th May 1864, the BNU was created with the specific purpose of facilitating trade between the metropolis and Portuguese possessions in Africa and Asia. This establishment coincided with a period of significant banking expansion in Portugal, reflecting the desire to assert Portuguese sovereignty over territories coveted by other European powers.

The bank’s activities quickly extended overseas, beginning operations in 1865 in Praia, Cape Verde, and soon after in Luanda and Lourenço Marques (now Maputo), among other strategic locations. Lourenço Marques, in particular, became one of the main hubs of the bank's presence in Mozambique, driving economic development in the region.

In 1909, in an effort to standardise the currency in circulation in the African colonies, the BNU launched the iconic "Vasco da Gama Issues" This historical series of banknotes included denominations ranging from 1,000 to 50,000 Réis, representing a significant shift by introducing a uniform and easily recognisable design featuring references to the explorer Vasco da Gama.

Among these remarkable banknotes is this 50,000 Réis note, holding the highest denomination of the series, which stands out as a symbol of the pinnacle of the BNU's emissions, reflecting both the financial power of the institution and the Portuguese heritage in overseas expansion. This exquisite note has a counterfoil number of 11001 and a serial number range from 00000 to 12000, featuring the signatures of Antonio Teixeira de Sousa as Governor and Manuel Carlos de Freitas Alzina as Vice Governor.

Designed with black ink on a pale orange and blue underprint, the note prominently displays a portrait of Vasco da Gama on the left side, with his embarkation depicted on the right. At the lower centre, the Steamship Seal Type 1 is featured, alongside a red overprint of “LOURENCO MARQUES” at the upper centre. The reverse showcases a captivating blue, yellow, and pink design, illustrating a woman seated on an anchor, gazing out at ships, and is perforated "CANCELLED".

This note exemplifies not only the artistry and significance of the BNU's currency but also commemorates the enduring legacy of Vasco da Gama in Portuguese exploration and trade.

(Pick 42s), in PCGS 66 OPQ Gem Uncirculated, the sole finest example of the type graded by PCGS

Subject to 5% tax on Hammer Price in addition to 20% VAT on Buyer’s Premium.

Estimate
£1,200 to £1,800

Starting price
£1200