5 Réis - Carlos I

Carlos I inherited a Portugal already deep in fiscal crisis — the government defaulted on its foreign debt in 1892, just two years into his reign, triggering a decade of austerity that constrained even routine coin production. The 5 Réis was the smallest denomination in circulation during this period, and its purchasing power had eroded so thoroughly by the early twentieth century that the type was quietly abandoned rather than formally replaced.

The Gomes reference distinguishes minor die variations across the emission years; early dates in the run are considerably scarcer than the later strikes.