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50 Mil Reis

Issuer Banco de Portugal
Year 1905
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Printer Estamparia do Banco de Portugal, Lisbon, Portugal
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Obverse lettering CINCOENTA MIL RÉIS BANCO DE PORTUGAL 50$000 OURO MOEDA INSULANA Pagavel nas agencias nos Açôres LISBOA 30 DE JANEIRO DE 1905 ESTAMPARÍA DO BANCO DE PORTUGAL
(Translation: Fifty Thousand Reis Bank of Portugal Gold Island currency Payable at agencies in the Azores Lisbon, January 30, 1905 Printer of Bank of Portugal)
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Protection type Watermark
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Comments

Pick 14 is one of the last issues to come from the Banco de Portugal's own in-house printing operation before the bank moved toward contracting external specialists for subsequent series. Printing notes domestically gave the bank direct control over plate security but left the finished product technically behind what British and French trade printers were producing at the time — a tradeoff the bank's board had debated for years.

The 50 Mil Reis denomination placed this note firmly in high-value commercial and interbank use; ordinary retail transactions rarely saw it. Survival rates reflect that — notes that circulated at this level were handled carefully, but redemption sweeps in later decades claimed most of them.

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