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| The three watermarks used in the notes described in this study are shown here. The first watermark is of Joaquim Chissano, the President of Mozambique (1986 to 2005), and is used on the 1991-dated notes. The second watermark appears on the 50,000-metical note, but similar designs incorporating the stylized ‘M’ from the emblem of the Bank of Mozambique and the denomination of the note were used on the 200,000-, 100,000- and 50,000-metical notes. The third watermark of the seated girl was used only on the 20,000-metical note. | ||