5 Escudos 1st. print

Bradbury Wilkinson produced this note for Banco de Portugal during a decade when the young Republic was burning through governments at a rate that made monetary stability nearly impossible — between 1910 and 1926, Portugal cycled through over forty administrations. The escudo itself had only just replaced the milréis at a rate of 1,000 réis to the escudo when this series entered circulation, a redenomination tied directly to the Republic's break with monarchist economic symbolism rather than any pressing monetary necessity.

The "1st print" designation distinguishes it from later impressions of P#114 that introduced subtle plate modifications. Bradbury Wilkinson retained the original intaglio dies throughout, so differences between printings are most apparent in the tonal depth of the background lathe work rather than in any compositional change.