1 Centavo Viseu

Câmara Municipal de Vizeu issued this cédula during the severe coin shortage that plagued Portugal in the early 1920s, a period when municipalities, commerce houses, and even private firms printed their own emergency fractional notes to fill the gap left by hoarded bronze and copper. The Banco de Portugal had long struggled to keep low-denomination coinage in circulation — wartime metal demands had seen coins disappear into savings and export, and the problem persisted well after the Armistice.

Municipal cédulas of this period were authorized under successive Portuguese government decrees but remained strictly local in acceptance — a Vizeu note was worthless in Coimbra. Most were redeemed and destroyed once coin supply normalized, making intact survivors genuinely uncommon.