20 avos 1946

Common. This is a regular issue (not a special or commemorative note) from a major colonial currency authority with no indication of limited print run or short-lived production. The eBay price history provided shows consistent market availability with sales ranging from $18.50 (VF, 2020) to $223.80 (PMG 66, 2022), with most examples trading in the $20-60 range. The 2016 catalogue UNC value of $160 versus current AU market prices around $50-100 suggests steady availability without scarcity premiums. The serial number 'U 1400289' indicates this is from an early printing run (letter 'U'), but such notes were produced in sufficient quantities to remain commonly available to collectors today.

This note was issued during the post-World War II period when Macau remained under Portuguese colonial administration as the Colónia Portuguesa. The design prominently features the Ruins of São Paulo Cathedral, Macau's most iconic baroque landmark destroyed by fire in 1835, serving as a patriotic symbol of Portuguese cultural heritage in the territory. The decree date of August 6, 1946 (Lisbon, 6 de Agosto de 1946) reflects Portugal's reassertion of colonial authority and currency control over Macau following the Japanese occupation during WWII.

The obverse features a highly detailed engraved architectural vignette of the Ruins of São Paulo Cathedral (Ruínas de S. Paulo) positioned at the left of the note, rendered in the baroque style characteristic of this famous Macau landmark. The structure is framed by an elaborate baroque cartouche with floral and scrollwork ornamentation in the corners and edges, incorporating chinoiserie-inspired seal-like decorative elements that reflect the Sino-Portuguese cultural synthesis of colonial Macau. The denomination '20' is prominently displayed in a baroque numeral frame at center. The reverse depicts the Portuguese national coat of arms—featuring a shield with the traditional Portuguese heraldic design—encircled by laurel wreaths and set within an ornate scrollwork cartouche. Bilingual Portuguese-Chinese inscriptions emphasize the territory's dual cultural identity, with 'COLÓNIA PORTUGUESA' clarifying Macau's official status. The overall color scheme employs violet and gray tones on the obverse with red-brown tones on the reverse, typical of mid-20th century Portuguese colonial currency design.

FRONT SIDE: 'BANCO NACIONAL ULTRAMARINO' (Ultramarino National Bank) / 'MACAU' (Macau) / Chinese characters '紙幣國澳門市大' (Macau currency note, traditional right-to-left reading) / '20' and 'VINTE AVOS' (Twenty avos, the denomination) / 'DECRETO Nº 35.785' (Decree No. 35,785) / 'LISBOA, 6 DE AGOSTO DE 1946' (Lisbon, 6 August 1946) / 'O DIRECTOR DE FAZENDA' (The Director of Finance) / 'O GERENTE' (The Manager) / 'RUINAS DE S. PAULO' (Ruins of St. Paul) / Serial number 'U 1400289' / 'LITHO. BY THE HONGKONG PRINTING PRESS (1946) LTD.' (printer attribution). BACK SIDE: 'VINTE AVOS' (Twenty avos) / 'BANCO NACIONAL ULTRAMARINO' (Ultramarino National Bank) / 'MACAU' (Macau) / Chinese numerals '貳貳' (Twenty) / 'COLÓNIA PORTUGUESA' (Portuguese Colony).

Lithography (as stated in the printer attribution 'LITHO. BY THE HONGKONG PRINTING PRESS (1946) LTD.'). The note exhibits intricate engraved line work throughout the design creating fine baroque detailing, security features achieved through complexity of the cartouche framing and architectural illustration detail work. The lithographic printing by The Hongkong Printing Press combined engraving and lithographic techniques typical of high-security banknote production of the 1940s era.

Serial number prefix 'U' indicates this is from an early printing of the 1946 issue. The standard variety is characterized by violet-gray obverse and red-brown reverse, as observed. No major die varieties or overprint variations are documented for Pick-37 in standard references. This particular note's condition (AU) with the red serial number still legible represents the typical presentation of better-preserved examples from this issue.