1 Centavo Cezimbra

Cezimbra — the fishing village on Portugal's Arrábida coast, more commonly spelled Sesimbra — issued this 1 Centavo note through its municipal chamber during the acute small-change shortage that plagued Portugal in the early 1920s. The escudo had replaced the real in 1911, and fractional coinage never kept pace with demand; hundreds of municipalities, misericórdias, and commercial houses filled the gap with locally printed cédulas. This is one of the more obscure examples, issued by a small coastal council with limited administrative infrastructure.

The printer, Empreza Alentejana de Publicidade, was an Évora-based commercial press better known for advertising work than fiduciary printing — which tells you something about how informal this emergency currency could get.