The first notes of Portuguese India resulted from the Anglo-Portuguese convention of 1880. These notes “were made in London and started circulating in this State (India) from 1st October 1883. The first issues were of ‘Junta da Fazenda Publica’ Department of Public Finance Nova Goa. The first notes were Uniface, had a watermark and were dated 1882.
The notes by Banco Nacional Ultramarino were issued from the year 1906 which were issued with the denominations of Rupias, 10 Rupias, 20 Rupias and 50 Rupias. Dated 1st January 1906, the notes were in the circulation till 1943. The notes are predominantly in green, orange and black colour on the obverse and have guilloche pattern in orange and blue colours on the reverse.
The obverse depicts a Maiden holding a trident in left hand standing on a mythical sea chariot on left and sailing ship in the centre above. The denomination is written in Urdu and Marathi to left, Gujarati and Kannada right. Numerals are seen on either side of the panel in Urdu, Gujarati, Kannada and Marathi. The reverse shows the bust of the maiden in the centre wearing a helmet, "BANCO NACIONAL" above "ULTRAMARINO" below, 5 on either side.