5 centavos Portimão

Portimão's municipal chamber issued small-denomination cédulas like this one during the coin shortages that plagued Portugal after World War One. Local councils across the country — particularly in the Algarve — were authorized to produce their own emergency paper fractional currency when the national mint could not keep pace with demand for low-value coinage. These issues circulated strictly within the issuing municipality and were theoretically redeemable at the câmara.

Portimão's cédulas are among the less frequently encountered Algarvian municipal issues, the town being smaller than Faro or Lagos at the time of issue.