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| 正面描述 | Letterpress-printed in black on white paper, the face of this apólice is structured around a horizontal row of four square-framed vignettes across the upper portion. The body carries the full handwritten and typeset text of the original 1798 issue in the name of João Prince Regent, over which a red crowned starburst cartouche bearing the legend "D. Miguel I - 1828" has been applied as a validation overprint authorising the note for circulation under the Miguelite regime. The denomination of 20$000 Réis and issuing authority appear within the printed text block. |
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| 正面铭文 | LISBOA No 1798 R 20$000 rs D. MIGUEL 1828 No Real Erario se hade pagar ao Portador desta Apolice de hoje a hum Anno Vinte mil Reis Com o Seu Competente juro. Lisboa 17 de Fevereiro de Mil Sete Centos Noventa e Oito. João José de Souza Ignácio Antonio Ribeiro (Translation: Lisbon D. Miguel 1828 In the Real Erario, it was necessary to pay the Bearer of this Policy from today to one Year Twenty thousand Reis With His Competent interest. Lisbon, February 17, One Thousand Seven Hundred Ninety-Eight.) |
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When Miguel I seized the Portuguese throne in 1828 and declared himself absolute king, the liberal constitutional notes already in circulation became a political liability. Rather than printing an entirely new series, the Real Erário overprinted existing stock — in this case notes from the João (John) Prince Regent issue — with markings asserting Miguelist authority. The overprint was a fiscal expedient, but also a deliberate act of symbolic erasure.
Pick 45 is among the more historically loaded Portuguese overprint types. Forged Miguelist overprints on legitimate earlier notes are a known problem with this series.