2.50 Escudos 2nd. print

Waterlow & Sons produced multiple runs of this 2.50 Escudos type, and the second printing is distinguished primarily by paper and watermark differences that require close comparison against the first. The denomination itself reflects the fragmented transitional coinage system Portugal maintained through the early 1920s, where banknotes at fractional escudo values plugged gaps left by a chronic small-change shortage — a persistent problem across much of postwar Europe at the time.

Pick catalogues this separately from P#126 on the basis of printing variation rather than date range alone, so attributed examples should be confirmed against known type specimens.