5 Centavos Pezo da Regoa

Peso da Régua's municipal chamber issued small-denomination emergency notes — known in Portugal as cédulas — during the chronic coin shortage that plagued the country through the early 1920s. The central government's inability to keep fractional coinage in circulation pushed hundreds of municipalities, parishes, and private commercial houses to print their own substitutes, most with no formal authorization beyond local tolerance.

Régua's notes from this period are among the less frequently encountered municipal issues from the Douro region, partly because a wine-trading town of that size had relatively limited paper circulation volume. Survivorship is accordingly thin.