50 escudos 1967 specimen

Common. eBay market data shows this specimen note trading in a wide price range ($5.99–$55.00 USD), with most UNC examples clustering between $30–$40, indicating robust but not exceptional demand. The 2019 catalog value of $160 appears inflated relative to actual realized market prices. Specimen notes from this period are generally more readily available than regular circulation issues, as they were preserved by banks and collectors. The print run for this 1967 issue was substantial, and this Pick number (P-27s) is not noted as scarce in PMG population data.

This note was issued during the final decades of Portuguese colonial rule in Timor (which lasted until 1975), reflecting Portugal's continued use of the Banco Nacional Ultramarino to manage currency in its overseas territories. The October 24, 1967 issue date places it during the Estado Novo period under Salazar, and the reference to Decreto-Lei (Decree-Laws) 39221 and 44891 anchors it to Portuguese legislative authority over the colony. The ship emblem on the reverse symbolizes Portugal's maritime empire and commercial dominance, while the portrait of Régulo D. Aleixo represents the local indigenous leadership incorporated into the Portuguese colonial administrative structure.

The obverse features a formal portrait of Régulo D. Aleixo positioned at right, depicted in profile facing left wearing formal attire and a feathered headdress, representing the local Timorese nobility integrated into Portuguese colonial administration. The Portuguese coat of arms with heraldic shield appears at center, flanked by ornamental rosette medallions. A globe or geographical design element appears in the background, reinforcing the overseas/imperial theme. The reverse displays the iconic ship emblem of the Banco Nacional Ultramarino within a circular seal on the left side, with flanking stars, and features the crowned Portuguese arms at center. Throughout both sides, intricate guilloche patterns and fine security line work create the distinctive decorative borders characteristic of high-security banknote printing of this period.

FRONT: 'Banco Nacional Ultramarino' (National Overseas Bank); 'Timor' (Timor); 'Cinquenta Escudos' (Fifty Escudos); 'Régulo D. Aleixo' (Régulo D. Aleixo, local title holder); 'Decretos-Lei 39221 e 44891' (Decree-Laws 39221 and 44891); 'Lisboa, 24 de Outubro de 1967' (Lisbon, October 24, 1967); 'O Administrador' (The Administrator); 'O Governador' (The Governor); Serial number: 000000 (specimen). BACK: 'Banco Nacional Ultramarino' (National Overseas Bank); 'Cinquenta Escudos' (Fifty Escudos); 'Lisboa-1864' (Lisbon-1864, bank establishment date); 'Espécime' (Specimen).

Intaglio/Engraved printing by BWC (Bradbury Wilkinson and Company), a renowned British security printer. The intricate guilloche patterns, fine line work, decorative security printing, and multi-color design visible throughout the note are characteristic of high-security intaglio production. The precision of the ornamental borders and the complex heraldic elements demonstrate the advanced anti-counterfeiting technology available to the Banco Nacional Ultramarino in 1967.

This is the specimen variant (P-27s) as indicated by the red diagonal 'ESPÉCIME' stamp and 000000 serial number. Per PMG cataloging, three variants exist for this base Pick number: P-27a (regular issue), P-27cts (color trial/specimen), and P-27s (specimen). All variants were printed by BWC. The October 24, 1967 date and Decreto-Lei references are consistent with the issued specimen notes from this series. The horizontal fold marks suggest this specimen was handled during bank operations or archival storage rather than remaining pristine, distinguishing it from unfolder specimens that may command premiums.