10 patacas 1944
Market Prices
3 salesAbout This Note
This 10 Patacas note from Banco Nacional Ultramarino (1944) is a heavily circulated example displaying the characteristic design elements of Macau's wartime currency issue. The note features ornate brown and maroon decorative borders with a prominent red 'MACAU' overprint, heraldic imagery, and a ship vignette—all rendered in fine line engraving. In VG condition with visible creases, folds, and age-related discoloration, this note represents an important piece of Macau's monetary history during the Japanese occupation period.
Common. The eBay price data provided shows VG-graded examples selling for approximately $131.50 in 2014, with catalog values at $25 for VG condition (2016 reference). Regular circulation examples in this condition grade are routinely available on the market, and the note was part of a standard issue for Macau during the 1944 period. The modest market prices and consistent availability indicate this is not a scarce or rare variety.
Issued under Decree No. 3517 during World War II, this Banco Nacional Ultramarino note reflects Portugal's administration of Macau even during the Japanese occupation of surrounding territories. The prominent ship vignette on the obverse symbolizes Macau's maritime mercantile heritage and colonial trading importance. The heraldic emblems and Portuguese inscriptions underscore the Portuguese colonial authority that maintained nominal control over the territory throughout the war years.
The obverse displays an elaborate border of ornamental scrollwork in maroon and brown, with decorative corner emblems marked '10'. The left side features a heraldic coat of arms with crown and flourishes representing Portuguese colonial authority. The right side contains a circular vignette depicting a merchant sailing ship, symbolizing Macau's commercial maritime heritage. The center is dominated by a large red overprint reading 'MACAU' with explanatory Portuguese text below. The reverse presents two heraldic emblems: an ornate circular design with peacock or bird motifs on the left, and a shield-shaped coat of arms with geometric patterns surrounded by laurel wreaths on the right, with Chinese inscription identifying the Currency Issue Committee. Both sides employ fine line engraving and guilloche patterns throughout.
Front side: 'BANCO NACIONAL ULTRAMARINO' (Overseas National Bank); 'DECRETO Nº 3517' (Decree No. 3517); 'MACAU' (Macau); 'REPRESENTA O VALOR DE' (Represents the value of); 'EM MOEDA CORRENTE' (In current currency); 'LITOGRAFIA SHIN CHON & CIA' (Shin Chon & Co. Lithography); Serial number 'NO 04256'. Back side: '葡領澳門紙幣發行委員會' (Portuguese Macau Currency Issue Committee) in Traditional Chinese characters.
Lithography (specifically credited to Tipografia/Litografia Shin Chon & Cia as noted in the inscriptions and external references). The technique is evidenced by the fine line engraving details, ornamental guilloche border patterns, and the layered color application visible in the brown, maroon, and red tones. The overprints and signatures appear to have been added post-printing, consistent with banking practices of the era.
This example bears serial number NO 04256 and displays handwritten signatures/endorsements across the lower portion of the obverse, typical of banking practice for the period. The specific overprint style and signature placement may vary across issued notes, but no major varieties (such as different date variations or significant overprint differences) are evident from the visual analysis. This represents a standard circulation example of Pick 23 from the regular 1944 issue.
