500 escudos 1963 specimen

Common. While specimen notes generally command premiums over circulation issues, this Pick number (P-29s) appears in eBay market data with multiple UNC sales ranging from $119.99 to $139.99 USD, indicating steady collector availability. The 2019 catalog valuation of $175 UNC suggests moderate collector demand but no scarcity. Specimen notes from this series were produced in sufficient quantities for institutional and archival purposes, and the regular appearance of examples in the secondary market confirms this is not a rare variety. The specimen designation and punch holes are standard features for notes preserved in this manner rather than indicators of limited production.

This note was issued during the final decade of Portuguese colonial rule in Timor, authorized by Decreto-Lei Nº 39.221 dated April 15, 1963. The imagery reflects Portugal's imperial maritime heritage with the ship medallion representing the Banco Nacional Ultramarino's historical connection to overseas trade, while the Portuguese coat of arms with its distinctive castle towers and globe emphasizes national sovereignty over the colony. The portrait of Régulo D. Aleixo, a traditional Timorese ruler, represents Portugal's practice of incorporating local authority figures into colonial currency design.

The obverse features a male portrait identified as Régulo D. Aleixo positioned at right, depicted in profile facing left and wearing a distinctive military or official headdress with ornamental decoration, emphasizing his status as a traditional Timorese ruler. The left side contains an oval portrait space with fine guilloche line work, while the center displays the Portuguese coat of arms with its characteristic five shields and castle towers. The reverse is dominated by two major heraldic elements: a circular medallion on the left containing an engraved ship (representing the Banco Nacional Ultramarino's maritime heritage and historical connection to Portuguese overseas expansion), and a large crowned shield at center featuring Portuguese heraldic symbols with a globe, symbolizing global imperial reach. The color scheme combines dark brown and gray tones on the obverse with pink and light blue hues on the reverse, creating visual distinction between sides. Intricate guilloche patterns and fine line engraving provide extensive security decoration throughout both sides.

FRONT: 'BANCO NACIONAL ULTRAMARINO' (National Overseas Bank), 'TIMOR' (Timor), 'QUINHENTOS ESCUDOS' (Five Hundred Escudos), 'DECRETO-LEI Nº 39.221' (Decree-Law No. 39,221), 'LISBOA, 15 de ABRIL de 1963' (Lisbon, 15th of April 1963), 'O ADMINISTRADOR' (The Administrator), 'O GOVERNADOR' (The Governor), 'RÉGULO D. ALEIXO' (Ruler D. Aleixo), 'E SPECIMEN' (Specimen), '000000' (Serial number), '500' (Five hundred). BACK: 'BANCO NACIONAL ULTRAMARINO' (National Overseas Bank), 'QUINHENTOS ESCUDOS' (Five Hundred Escudos), 'BANCO NACIONAL ULTRAMARINO LISBOA-1864' (National Overseas Bank Lisbon-1864), '500' (Five hundred), 'BRADBURY, WILKINSON & CO LTD GRAVADORES, NEW MALDEN, SURREY, INGLATERRA' (Bradbury, Wilkinson & Co Ltd Engravers, New Malden, Surrey, England), 'E SPECIMEN' (Specimen).

Intaglio engraving, executed by Bradbury, Wilkinson & Co Ltd of New Malden, Surrey, England—one of the world's premier security printers. The fine line work, complex guilloche patterns, and detailed heraldic engraving observed throughout both sides are characteristic of high-security intaglio production. The crisp detail visible in the ship medallion and portrait work confirms the classical engraved banknote production method favored for colonial currency of this period.

This is the P-29s specimen variety, identified by the 'E SPECIMEN' overprint and characteristic punch holes visible on the reverse. The PMG population report indicates six cataloged varieties of the base Pick number P-29, including P-29a, P-29cts, P-29p, P-29pp, P-29r, and P-29s, all printed by Bradbury, Wilkinson & Co Ltd (except P-29p, for which printer information is not specified). The note displays serial numbers '000000' typical of specimen issue. This specific variety (P-29s) represents the specimen printing variant of the 500 Escudos denomination authorized by the April 15, 1963 Decree-Law.