25 patacas 1945 specimen

Uncommon. While the 2016 catalog value of $750 UNC indicates this is not a common everyday note, the eBay price tracking data showing sales in the $500-$1200 range and the existence of PMG population reports for both P-20 and P-20s variants suggest these notes were produced in moderate quantities and do appear on the market with some regularity. Specimen notes are inherently scarcer than regular circulation issues due to limited distribution to banking institutions, but this particular denomination and year do not appear to have been recalled or issued in exceptionally small quantities. The scarcity is driven more by age, condition preservation, and collector demand for Portuguese colonial currency rather than an extremely restricted print run.

This note was issued under Decreto Nº17154 following Portugal's reestablishment of administrative control over the colony of Timor after World War II. The bilingual Portuguese-Chinese design reflects Timor's position within the Portuguese maritime empire and its economic connections to East Asian trade networks. The steamship depicted on the reverse symbolizes the maritime commerce and trading lines ("Linhas Commercio Agriculo") that characterized colonial Timor's economic relationship with the broader Portuguese overseas territories.

The obverse features an ornate decorative border framing bilingual text and a left-side vignette depicting an Asian-style pagoda or temple structure with surrounding landscape and vegetation, symbolizing Timor's cultural context. The right side displays a circular coat of arms or Portuguese heraldic emblem representing the colonial authority. The reverse presents a central circular medallion containing a steamship or ocean liner on calm water, symbolizing maritime commerce. Both sides incorporate elaborate engraved ornamental patterns with floral and geometric designs in all four corners. The denomination '25' appears prominently in decorative frames throughout the design. The color palette of purple/mauve against light cream/tan background creates a distinguished appearance characteristic of high-quality Portuguese colonial currency of this era. A red diagonal 'SPECIMEN' overprint crosses the front, with characteristic punch holes showing '0000' serial numbers, typical identification markers for specimen notes distributed to banks and financial institutions.

Front Side: '25' (denomination); 'BANCO NACIONAL ULTRAMARINO' (National Overseas Bank); '伍拾貳' (Twenty-five in Chinese numerals); '行銀 理避外海國洋貨' (Bank administrative foreign maritime currency); 'VINTE E CINCO PATACAS' (Twenty-five patacas); '0000' (Serial number); 'DECRETO Nº17154' (Decree No. 17154); 'LISBOA, 16 DE NOVEMBRO DE 1945' (Lisbon, November 16, 1945); 'O ADMINISTRADOR' (The Administrator); 'O PRESIDENTE DO CONSELHO ADMINISTRATIVO' (The President of the Administrative Council); 'SPECIMEN' (Specimen); '佐拾貳' (Twenty-five in Chinese); 'TIMOR' (Timor). Back Side: '25' (denomination in corners); 'BANCO NACIONAL ULTRAMARINO' (National Overseas Bank); 'PAGAVEL NA COLONIA DE TIMOR' (Payable in the Colony of Timor); 'VINTE E CINCO PATACAS' (Twenty-five patacas); '伍拾貳' and '佐拾貳' (Twenty-five in Chinese numerals); 'LINHAS COMMERCIO AGRICULO' (Trade and Agriculture Lines); 'TIMOR' (Timor).

This note was produced using intaglio (engraved) printing, as evidenced by the fine line work, intricate border patterns, and detailed vignettes visible in both the temple/pagoda structure and steamship medallion. The precision of the decorative floral and geometric patterns, along with the sharp definition of the bilingual inscriptions, indicates professional security printing by a specialized currency printer. For Portuguese colonial issues of this period, Banco Nacional Ultramarino typically commissioned printing from established European security printers, though the specific printer for this 1945 Timor issue is not definitively identified in standard catalogs.

This note is cataloged as P-20s, the specimen variant of the 25 Patacas 1945 issue. The 's' designation indicates this is a specimen note, distinguished by the red diagonal 'SPECIMEN' overprint and the characteristic punch holes marked '0000' throughout (visible on serial number positions and edges). PMG records indicate two variants for the base Pick number P-20: the regular circulation issue (P-20) and this specimen issue (P-20s). The serial number format '0000' on this specimen is typical for non-circulating specimen notes, as opposed to regular serially-numbered notes issued for circulation. No signature varieties or date variations are noted for this specific denomination in 1945.