10 Mil Reis

Pick 10 sits in the middle of a transitional period for Banco de Portugal, issued just after the bank's monopoly on note issuance was consolidated following the chaotic 1890s — a decade marked by the Baring Crisis spillover, the Portuguese state's suspension of gold convertibility in 1891, and years of forced currency arrangements. The 10 Mil Reis denomination was substantial daily purchasing power for most Portuguese workers of the period.

Printing in-house at the bank's own Lisbon workshop was already established practice by this date, giving the bank direct control over plate security — unusual for a southern European issuer of the era, many of whom still relied on Bradbury Wilkinson or similar British firms.