The Banco Nacional Ultramarino is a famed Portuguese overseas bank that today only operates in Macau. However, the bank was formed in the 19th century and issued currency across Portugal's vast empire. This banknote is seldom seen type and proves interesting. The base note is a type issued in Saint Thomas & Prince (Standard Catalog P-8). Currency requirements for Angola were urgent, and it proved more expedient to overprint unused Saint Thomas and Prince notes. An unknown number of notes were overprinted in this manner and few exist today. This example is lightly circulated and is the finest graded example by PMG of two submitted. Early 20th century African notes are very popular and this emission is a rare type from Angola. Fully original, with the PMG comment for staining appearing rather harsh given the circumstances this note was produced and issued. PMG mentions "Stained".