10 Mil Reis

Banco de Portugal's in-house printing works, the Estamparia do Banco de Portugal, had been producing the bank's notes since the 1880s, keeping production entirely domestic at a time when most peripheral European issuers still relied on British or French security printers. The 1905 series represented a consolidation of that capability rather than a break from anything preceding it.

Pick 11 is the last of the pre-republican 10 Mil Reis types. The monarchy fell in October 1910, and while many Banco de Portugal issues continued circulating under the new republic, this series was retired relatively quickly. Survivors in genuinely used condition are less common than the issue date suggests.