10 avos 1944

Common. The eBay price data indicates that notes in this denomination and period typically sell for modest amounts ($5-$30 in VG-VF condition as of 2016 catalog values), with even PMG-graded examples reaching only $326. The circulation wear evident in this specimen is typical of Macau's 10 Avos notes from 1944, suggesting adequate print runs that met regular circulation needs. The denomination and issuer were not historically limited in production, and surviving examples appear in the market with reasonable frequency.

Issued during World War II when Macau remained a Portuguese enclave, this note reflects the colonial relationship between Portugal and its Far Eastern territories. The prominent Portuguese coat of arms and 'Banco Nacional Ultramarino' branding underscore Portuguese financial control, while the inclusion of Chinese characters and Asian architectural imagery on the reverse acknowledge the cultural and geographic reality of Macau's position. The 1944 date places this note during the final year of the Pacific War, a period of significant economic and political uncertainty in East Asia.

The obverse features the Portuguese national coat of arms prominently positioned in the upper left, rendered in blue-grey on a beige background with ornate decorative scrollwork and guilloche borders. The denomination 'DEZ AVOS' appears in a horizontal banner across the center, with the issuer name and Macao identification in Portuguese. The reverse presents a more elaborate architectural design centered on a large circular emblem containing the denomination, flanked by two ornamental columns rendered in Asian architectural style, suggesting a gateway or fortress structure typical of East Asian design. This architectural frame, combined with the radiating sunburst pattern behind the central emblem, creates a symmetrical and visually balanced composition. Chinese characters appear vertically on both sides of the reverse, emphasizing the bilingual nature of currency in Portuguese Macau. Corner ornaments displaying the denomination appear in all four corners of both sides.

Front side: 'BANCO NACIONAL ULTRAMARINO' (National Overseas Bank), 'DEZ AVOS' (Ten Avos), 'MACAO' (Macao), 'GERENTE' (Manager), serial number 'No 004335', and Chinese characters on the left margin (untransliterated from image). Back side: 'BANCO NACIONAL ULTRAMARINO' (National Overseas Bank) in curved banner at top, 'DEZ AVOS' (Ten Avos) within central circular emblem, 'MACAU' (Macao) in decorative cartouche at bottom, corner denominations 'AVOS' (Avos currency units), and Chinese characters flanking left and right margins (untransliterated from image).

This note was produced using intaglio (engraved) printing, as evidenced by the fine line crosshatching patterns, intricate guilloche work, and detailed architectural rendering visible throughout both sides. The printer was Hongkong Printing Press, as noted in external references. The precise line work, subtle shading through parallel lines, and the depth of impression characteristic of the design elements are consistent with traditional engraving techniques employed for high-security banknote production of the 1940s period.

This specific note carries serial number 004335, indicating it is from the early portion of the print run for this denomination. The signature visible in the lower right center area appears to be a handwritten managerial signature ('GERENTE'), which may vary between individual notes based on the manager in office. No overprints or date variations are apparent. This particular Pick 19 note represents the standard 1944 issue without special markings or emergency variations that would differentiate it as a distinct variety.