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4 Centavos
| Issuer | Associação Comercial e Industrial de Espinho |
|---|---|
| Year | 1921 |
| Type | Emergency banknote |
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| Obverse description | Printed in blue on white paper, the obverse carries the issuing association's name in a horizontal legend across the top, with the denomination stated on either side in a central band. To the left, a vignette of a farmer is set against a coastal horizon with the ocean in the background, while an allegorical female figure representing the Republic appears to the right. The entire field is framed by a fine guilloche lattice underprint. |
|---|---|
| Obverse lettering | ASSOCIAÇÃO COMERCIAL E INDUSTRIAL DE ESPINHO CENTAVOS 4 CENTAVOS |
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| Comments |
Espinho, a coastal town south of Porto, produced a clutch of emergency cédulas during the early 1920s when Portugal's chronic coin shortage — rooted in wartime metal requisitioning and postwar economic disorder — left small transactions nearly impossible. The Associação Comercial e Industrial, a local merchants' and industrialists' association, stepped in as issuing body because no banking authority was willing to cover denominations this small. These local cédulas had no legal tender status beyond the commercial networks that agreed to honor them.
The 4 centavos denomination is an odd one, uncommon even among Portuguese emergency issues of this period.