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2500 Réis 2nd. print

Issuer Banco de Portugal
Year 1893-1900
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Value 2500 Reis
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Obverse lettering 2500 BANCO DE PORTUGAL DOIS MIL REIS E QUINHENTOS RÉIS PRATA Lisboa, 25 de Maio de 1900 O DIRETOR O GOVERNADOR
(Translation: Bank of Portugal Two Thousand and Five Hundred Reis Silver Lisbon, May 25, 1900 The Director The Governor)
Reverse description Printed in blue-gray on a plain ground, the reverse is dominated by an elaborate concentric guilloche oval radiating from a central vignette of the crowned Portuguese Coat of Arms, flanked by laurel branches. Denomination numerals '2500' appear in all four corners within ornate cartouches, and the denomination legend runs along the lower margin in bold serif lettering.
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Comments

Banco de Portugal's 2500 Réis denomination occupied an awkward middle position in the late imperial monetary hierarchy — large enough to matter, small enough to circulate hard. This second printing of P#74 was produced across a seven-year window spanning the deepest phase of Portugal's 1890s fiscal crisis, triggered by the 1890 British Ultimatum and the near-sovereign default that followed. The government's borrowing needs placed sustained pressure on the bank's note issue, and successive printings of existing plates were a direct consequence.

Distinguishing first from second print requires close attention to serial number ranges and minor typographic variations — the difference is rarely obvious at a glance.

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