5 Centavos Casa da Moeda

Portugal's wartime paper shortage drove the Casa da Moeda to issue its own fractional cédulas in 1918 — an unusual situation where the mint itself became a monetary authority, bypassing the Banco de Portugal entirely for the smallest denominations. The coins these notes replaced had been hoarded or melted, a problem afflicting most of Europe by the middle of the war.

Being self-printed and self-issued at the same Lisbon facility eliminates the usual ambiguity about printing location. These circulated hard in urban markets and survived poorly as a result.