2 Centavos Figueira Da Foz

Figueira da Foz's commercial association issued these low-denomination cédulas during the acute coinage shortage that plagued Portugal after 1914, when hoarding and metal scarcity drove hundreds of local chambers, municipalities, and private associations to print their own fractional emergency money. The Associação Comercial e Industrial was among the more obscure issuers in the Coimbra district — small enough that Tipografia Peninsular, a local press, handled production entirely within the town itself.

At 2 centavos, this barely covered a tram fare. Redemption was theoretically guaranteed by the issuing body, but many such associations dissolved or simply stopped honoring their paper once the national coinage situation normalized in the early 1920s.