20 Escudos 2nd. print

Portugal's postwar inflation crisis forced Banco de Portugal to issue multiple print runs of this denomination in rapid succession — the second printing reflects demand that the first simply couldn't meet. Bradbury Wilkinson, by this point one of the most technically accomplished security printers in the world, handled the contract from their New Malden works in Surrey.

Pick 118 is frequently conflated with the first print by dealers unfamiliar with the series; the distinguishing markers are in the serial prefix ranges and minor typographic variations in the obligation text, not immediately obvious at a glance.