500 escudos 1959 specimen

Common. Despite being a specimen note from a colonial territory, the eBay price tracking data shows wide availability with market prices ranging from $3.99 to $299.99 USD, with multiple examples in circulated and uncirculated grades appearing regularly. The 2016 catalog value of $375 for UNC condition has not translated to scarcity—specimen notes from this issue and denomination appear with reasonable frequency in the collector market. The Banco Nacional Ultramarino issues from Timor were produced in sufficient quantities that specimens remain accessible to collectors, particularly in the lower denominations.

This note was issued in 1959, during the final decades of Portuguese colonial rule in Timor before the territory's independence in 1975. The Banco Nacional Ultramarino, established in Lisbon in 1864, served as the central bank for Portugal's overseas territories. The reverse depicts a historic sailing ship in a circular seal, symbolizing Portuguese maritime heritage and colonial commerce, while the coat of arms reinforces Portuguese authority over the distant island territory.

The obverse features a three-quarter portrait of José Celestino da Silva, identifiable by his prominent mustache and military-dress uniform with decorative collar insignia, positioned on the right side. A blank oval space on the left suggests an intended secondary vignette. The center displays an ornate Portuguese coat of arms featuring heraldic shield and crown elements. The reverse showcases the Banco Nacional Ultramarino's founding emblem—a circular seal containing a detailed engraving of a historic multi-masted sailing ship, symbolizing the bank's establishment in 1864 during the height of Portuguese maritime commerce. The Portuguese coat of arms is prominently centered. Both sides employ sophisticated security guilloche patterns and fine-line engraving throughout the background and borders. The color scheme on the obverse is predominantly gray, black, tan, and white; the reverse features pink and light blue toning with black and white accents.

Front Side: 'BANCO NACIONAL ULTRAMARINO' (National Overseas Bank); '500' and 'QUINHENTOS ESCUDOS' (Five Hundred Escudos); 'TIMOR' (Timor); 'DECRETO-LEI Nº 39.221' (Decree-Law No. 39.221); 'Lisboa, de JANEIRO de 1959' (Lisbon, January 1959); 'O ADMINISTRADOR' (The Administrator); 'O GOVERNADOR' (The Governor); 'JOSE CELESTINO DA SILVA' (José Celestino da Silva); 'ESPECIMEN' (Specimen); Serial number '000000'. Back Side: 'BANCO NACIONAL ULTRAMARINO' (National Overseas Bank); '500' and 'QUINHENTOS ESCUDOS' (Five Hundred Escudos); 'BANCO NACIONAL ULTRAMARINO LISBOA 1864' (National Overseas Bank Lisbon 1864); 'ESPECIMEN' (Specimen); 'BRADBURY WILKINSON & CO LTD BANKNOTE PRINTERS NEW MALDEN SURREY ENGLAND' (printer attribution).

Intaglio engraving (line engraving and steel plate printing), as evidenced by the intricate guilloche patterns, fine-line shading in portraits and vignettes, and the deep, precise line work characteristic of high-security banknote production. Printed by Bradbury Wilkinson & Co Ltd, a renowned British security printer located in New Malden, Surrey, England, as credited on the reverse. The specimen marking was applied as an overprint in red ink, a standard practice for security printer specimens.

This is identified as Pick P-25s (specimen variety). PMG records indicate two variant base types for Pick 25 (P-25a and P-25cts), though both are confirmed to have been printed by Bradbury Wilkinson & Co Ltd. This specimen example carries the standard 'ESPECIMEN' overprint and specimen serial number 000000, which is typical of printer specimens created for security validation purposes. The specimen designation distinguishes it from standard circulation issues and confirms this was never intended for general circulation.