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1 Centavo Espinho
| Issuer | Associação Comercial e Industrial de Espinho |
|---|---|
| Year | |
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| Printer | Lito. Luzitana, Vila Nova de Gaia |
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| Reverse description | Printed entirely in green, the reverse is enclosed within a decorative rope-and-column border with the numeral "1" in circular cartouches at each corner and a guilloche medallion at top centre. The central vignette presents a panoramic beach scene with figures along the shoreline, framed by draped curtains parting from above, with the printer's imprint in small text at the lower right margin. |
| Reverse lettering | ESPINHO A mais linda praia Portuguesa LITO. LUZITANA - V.N.GAIA (Translation: Espinho The most beautiful Portuguese beach LITO. LUZITANA - V.N.GAIA) |
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| Comments |
Espinho's Associação Comercial e Industrial was one of dozens of Portuguese trade associations forced into emergency note issue during the cédula crisis of 1918–1920, when a chronic shortage of low-denomination coins left commerce functionally paralyzed. These locally-backed scrip issues had no formal government guarantee; their acceptance depended entirely on the reputation of the issuing body within the immediate community.
Lito. Luzitana, operating out of Vila Nova de Gaia just across the Douro from Porto, handled a significant portion of the northern cédula print run during this period — a practical choice given distance and logistics rather than any official designation.