10 centavos Estremoz

Portuguese municipal notes of this type emerged from a severe small-change shortage that gripped the country after World War One. The national mint could not keep pace with demand for low-denomination coins, and hundreds of câmaras municipais stepped in under emergency authorization to issue their own cédulas — locally valid paper substitutes for bronze and cupro-nickel. Estremoz, a marble-quarrying town in the Alentejo, was among the smaller issuers, which directly affects survival rates today.

The 1921 dating places this note toward the tail end of the cédula period; many municipalities had already withdrawn their issues by then.