ANGOLA PICK 60 50 ESCUDOS showing simple" ANGOLA "overprint

    Alves Reis convinced Waterlow and Sons in London that he had been given the authority by the Portuguese authorities to carry out the simple "ANGOLA" overprint on a Portugal 500 Escudo note ,and this note would be used in Angola where no comparable 500 escudos note existed. By introducing the notes instead in Portugal he was able to take advantage of the wide difference in exchange rates at that time between the Portuguese and Angolan escudo.