1 Centavo Fundão

The Fundão cédulas emerged from Portugal's acute small-change crisis of the late 1910s and early 1920s, when a shortage of low-denomination bronze coinage forced hundreds of municípios, businesses, and private entities to print their own fractional paper. The Câmara Municipal do Fundão — the local council of a modest interior town in the Beira Baixa — issued these notes under emergency authorization, as did dozens of similar bodies across the country.

A. J. Cardoso was a local commercial printer, not a specialist security press. Survival rates for provincial cédulas of this type vary wildly; many were redeemed and pulped once the coinage shortage eased in the mid-1920s.