1 Centavo Trancoso

Trancoso is a small fortified town in the Beira Alta region of Portugal, and its câmara municipal — like dozens of other local councils — resorted to issuing its own emergency paper money during the acute coin shortage that gripped Portugal after World War One. The Banco de Portugal simply could not mint small denominations fast enough to meet demand, and from roughly 1917 through the early 1920s, hundreds of municipalities filled the gap with locally authorized cédulas.

These issues had no backing beyond municipal credibility and were theoretically redeemable at the issuing câmara. In practice, many were never redeemed at all.