Banco Nacional Ultramarino
In 1914, the "Banco Nacional Ultramarino" introduced notes in denominations of 10, 20 and 50 centavos. 5 centavo notes followed in 1918, with 50 escudos introduced in 1920. In 1921, 1, 2½, 5, 10, 20 and 100 escudo notes were added. State notes for 50 centavos were also introduced in 1921.