10 Centavos Santo Tirso

Santo Tirso issued its own emergency paper currency during the cédulas period of the Portuguese First Republic, when municipal and private entities were authorized to produce small-denomination notes to alleviate a chronic shortage of coin. These locally issued cédulas are among the most heterogeneous paper money produced in Europe during that period — each municipality controlled its own typography, authorization stamps, and often the paper source itself.

The MA reference places this firmly in the municipal cédula classification, though surviving examples from Santo Tirso are genuinely uncommon. Attribution and authentication depend heavily on the local authorization stamp, which varies between emission runs.