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| 正面描述 | Black letterpress print on green paper. The issuer's name appears at the top in bold capitals, flanked by decorative floral corner ornaments and a left-side vertical border with a repeating dot motif enclosing the municipal coat of arms in a ruled rectangular cartouche. The denomination 'Vale $01' is set in large display type at centre, with the date 'Novembro de 1920' and the manuscript line 'O Tesoureiro da Camara' below, the whole framed at the foot by a decorative guilloche-style band. |
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| 背面描述 | Plain green paper bearing a hand-applied violet rubber stamp impression of the municipal authority's name arranged in an arc, with partial text visible in two further lines below and a small green ink spot at centre, the whole applied without additional printed design elements. |
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Caldas da Rainha is a mid-sized spa town in the Estremadura region, and like dozens of Portuguese municipalities in 1920, its câmara municipal issued emergency fractional cédulas to compensate for the near-total disappearance of low-denomination coin from circulation. The national shortage of bronze and nickel coinage during and after the First World War drove this wave of municipal paper across Portugal — by 1920 the phenomenon was widespread enough that the state eventually moved to suppress it.
The Caldas da Rainha issues are among the more obscure entries in the municipal cédula series, with survival rates reflecting the disposable nature of small-change paper. One centavo bought almost nothing by 1920.