5 avos 1946

Common. The eBay price tracking data shows multiple sales at modest prices, with catalog values (2016) of $100 for UNC condition but actual realized prices ranging from $7 to $454 depending on grade. The bulk of sales cluster in the $15-$30 range, and even PMG-graded specimens command less than $500. Macau avos notes from the 1940s were issued in substantial quantities by the colonial administration for regular circulation, and this denomination is not reported as having limited print runs or special rarity factors. The condition-dependent pricing pattern is typical of common early-20th-century colonial notes with modest collector demand.

This note was issued during the final year of World War II, when Macau remained under Portuguese colonial administration despite regional Japanese occupation. The prominent Portuguese coat of arms on the reverse and 'COLÓNIA PORTUGUESA' (Portuguese Colony) inscription reflect Portugal's assertion of sovereignty over its oldest Asian possession. The decree date of August 6, 1946, marks the immediate post-war period when colonial currencies were being reestablished and normalized after wartime disruptions.

The front features an elegant Art Deco-influenced design with burgundy/mauve ornamental borders framing a pale green field. Two symmetrical blue-teal stylized wing or fan motifs flank a central burgundy cartouche containing the numeral '5'. The entire design is anchored by fine-line guilloche patterns and geometric decoration typical of Portuguese numismatic design from this era. The back reverses the color scheme with predominantly green tones and depicts the Portuguese Royal Coat of Arms—a shield bearing the characteristic Portuguese cross design, flanked by decorative laurel wreaths and architectural pilaster elements suggesting classical Portuguese heritage. The scalloped edge border frames both sides, a signature feature of Banco Nacional Ultramarino's small denomination notes.

FRONT SIDE: 'BANCO NACIONAL ULTRAMARINO' (Overseas National Bank) — the issuing authority; 'MACAO' — place of issue; 'CINCO AVOS' (Five Avos) — denomination; 'DECRETO Nº 35.785' (Decree No. 35,785) — legislative authorization; 'LISBOA, 6 DE AGOSTO DE 1946' (Lisbon, August 6, 1946) — issue date and authorizing location; 'O DIRECTOR DE FAZENDA' (The Director of Finance) and 'O GERENTE' (The Manager) — signature titles; 'A 0048941' — serial number; 'LITHO. BY THE HONGKONG PRINTING PRESS (1946) LTD.' (Lithography by The Hongkong Printing Press 1946 Ltd.) — printer attribution. BACK SIDE: 'CINCO AVOS' (Five Avos) — denomination repeated; 'BANCO NACIONAL ULTRAMARINO' (Overseas National Bank); 'MACAO' — place of issue; 'COLÓNIA PORTUGUESA' (Portuguese Colony) — colonial status designation.

Lithography, as confirmed by the printer attribution 'LITHO. BY THE HONGKONG PRINTING PRESS (1946) LTD.' visible on the note. The fine-line guilloche patterns, multi-color printing (burgundy, green, blue, cream), and intricate background engraving details are characteristic of lithographic security printing of the 1940s era. The precision of the geometric patterns and the complexity of the color layering indicate professional security printing rather than basic letterpress methods.

Serial number A 0048941 is visible on the examined specimen. This note belongs to the standard 1946 issue with no reported overprints, date variations, or signature varieties that would distinguish major sub-types within Pick 35. The lithographic printer credit '(1946) LTD.' on the note itself confirms production date alignment. No major varieties (such as color shifts, missing security features, or error notes) have been documented for this Pick number; specimens primarily vary by condition grade and circulated/uncirculated status.