1 Centavo Ferreira Do Zêzere

Ferreira do Zêzere is a small inland municipality in the Ribatejo district, and like dozens of Portuguese câmaras municipais during the severe coinage shortage of the First Republic period, it resorted to issuing its own emergency cédulas to keep local commerce moving. These municipal paper fractionals were a purely pragmatic response — the central government could not supply enough small change, so local authorities filled the gap themselves.

Authentication here rested entirely on a handstamp and a manuscript signature, which means forgery risk was real and verification depended on local knowledge of whose hand and whose stamp were legitimate.