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100 000 Réis 2nd. print - overprint 'REPÚBLICA'
| Issuer | Banco de Portugal |
|---|---|
| Year | 1916 |
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| Reference(s) | P#111 |
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|---|---|
| Obverse lettering | BANCO DE PORTUGAL 100$000 CEM MIL RÉIS OURO Lisboa 10 de Março de 1909 O DIRECTOR O GOVERNADOR (Translation: Bank of Portugal Hundred Thousand Reis Gold Lisbon, March 10, 1909 The Director The Governor) |
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| Reverse lettering | CEM MIL RÉIS 100:000 REPÚBLICA BANCO DE PORTUGAL (Translation: Hundred Thousand Reis Republic Bank of Portugal) |
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| Comments |
When the Portuguese monarchy fell in October 1910, the Banco de Portugal faced an awkward inventory problem: large stocks of notes bearing royalist iconography remained in circulation and in reserve. Rather than retire them immediately at significant cost, the bank authorized an overprint of "REPÚBLICA" on existing stock — a solution applied across several denominations over the following years. This note represents the second application of that overprint to the 100,000 Réis plate, distinguishable from the first print by minor typographic differences in the stamp itself.
The 100,000 Réis denomination was already enormous by the standards of daily Portuguese commerce in 1916, used almost exclusively for interbank settlement and large mercantile transactions.