10 Moedas = 48.000 Reis

The Banco de Lisboa was Portugal's first joint-stock bank, founded in 1821 under royal charter, and this note dates from only its third year of operation. The unusual dual denomination — expressing value simultaneously in moedas and réis — reflects the genuinely chaotic state of Portuguese currency reckoning at the time, when multiple units of account circulated in parallel and merchants routinely converted between them for everyday transactions.

Early Banco de Lisboa notes were handwritten or partially printed, with the bank's engraved forms completed by hand at issuance. Survival rates are extremely low; the institution itself was absorbed into the Banco de Portugal at its founding in 1846, and most of its circulating paper was retired and destroyed shortly thereafter.