5 avos 1940
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2 salesAbout This Note
This is a well-worn example of the 1940 Timor 5 Avos from Banco Nacional Ultramarino, graded in Fine condition. The note displays the characteristic red and multicolor design featuring a prominent steamship in a circular medallion on the obverse, reflecting Timor's maritime colonial heritage. Despite significant age-related foxing, discoloration, and yellowing patina throughout, the note remains legible with clear inscriptions and maintains the intricate engraved security details that define this early Portuguese colonial issue.
Common. The eBay market data shows a Fine specimen sold for only $53 in 2016, well below the $150 UNC catalog value, indicating steady but unexceptional demand. The catalog values ($15 VG, $60 VF, $150 UNC) are moderate for a 1940 colonial banknote. While early Portuguese colonial issues have collector interest, this denomination and type do not show evidence of small print runs or scarcity. Most examples of this Pick number appear in collections without difficulty, making it a standard common-grade item for the issue.
This note was issued on 19 July 1940, during the Estado Novo period of Portuguese colonial administration in Timor. The prominent steamship imagery reflects Portugal's maritime trading empire and the commercial importance of sea routes to its overseas territories. The Banco Nacional Ultramarino, established in 1864, served as the central issuing authority for Portuguese colonies, making this banknote a tangible artifact of Portugal's late colonial economic presence in East Timor.
The obverse features a distinctive maritime theme with a steamship depicted in a circular seal/medallion positioned at the upper left, symbolizing the importance of maritime commerce to the colonial territory. The ship appears to be a merchant or passenger vessel of the early 20th-century style. The design employs elaborate ornamental borders and frames rendered in red and maroon tones over a cream/beige underprint, with fine floral and botanical decorative elements framing the central imagery. The reverse presents a purely decorative composition with a central medallion containing 'CINCO AVOS' flanked by symmetrical floral and geometric ornamental designs, featuring radiating line patterns that create fan-like shapes. Both sides demonstrate the high-security engraving standards of the period with intricate linear patterns throughout.
FRONT SIDE: 'BANCO NACIONAL ULTRAMARINO' (National Overseas Bank); '5 AVOS' / 'CINCO AVOS' (Five avos, the currency denomination); 'TIMOR' (Territory name); '19 DE JULHO DE 1940' (19 July 1940, issue date); 'O ADMINISTRADOR' (The Administrator); 'O PRESIDENTE DO CONSELHO ADMINISTRATIVO' (The President of the Administrative Council); Serial number '576,969' (appears twice); 'BRADBURY, WILKINSON & CO LTD SALVADOR LONDRES' (Printer: Bradbury, Wilkinson & Co Ltd, London/Salvador). BACK SIDE: 'BANCO NACIONAL ULTRAMARINO' (top); 'CINCO AVOS' / '5 AVOS' (center medallion); 'TIMOR' (bottom).
Intaglio engraving (also called line engraving or copperplate printing), as evidenced by the fine line work, detailed geometric patterns, and ornamental borders visible throughout both sides. The printer was Bradbury, Wilkinson & Co Ltd, a London-based security printer renowned for producing banknotes and security documents for colonial and imperial territories. The fine line engraving patterns and intricate security details were characteristic of BWC's high-quality work for the Banco Nacional Ultramarino.
Serial number 576,969 is documented on this specimen. The visual analysis confirms this is the standard P-12 variety as catalogued. The signatures present at bottom right correspond to the administrative officials ('O ADMINISTRADOR' and 'O PRESIDENTE DO CONSELHO ADMINISTRATIVO') typical of this issue. PMG records one variant for this Pick number; this specimen does not show evidence of overprints, color variations, or unusual printing characteristics that would distinguish it as a notable variety beyond the standard issue.
