2 Centavos Aveiro

Portuguese municipal chambers issued small-denomination cédulas like this one during the severe coin shortage that followed World War One — a problem the Lisbon government failed to resolve quickly, leaving local authorities across the country to print their own fractional currency through the early 1920s. Aveiro's issues are among the more modestly documented in the MA catalogue, with survival rates varying considerably across denominations.

The 2 centavos value was the smallest practical unit for local transactions, and high-circulation notes at this denomination tend to show heavy wear at the folds.