20 Mil Reis

Banco de Portugal brought its note printing in-house with its own Estamparia, a relatively uncommon arrangement among European central banks of the period, most of whom still relied on specialist security printers in London or Paris. By the 1890s the Estamparia had developed sufficient technical capacity for the full production run of this series.

The mil reis as a unit survived until 1911, when the Republic swept away the monarchy's monetary nomenclature and introduced the escudo at a rate of 1,000 réis to the escudo — making this note's face value exactly 20/1000ths of one future escudo.