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50 Escudos 5th. print

Issuer Banco de Portugal
Year 1932
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In circulation to 27 March 1945
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Obverse description Purple and multicolour intaglio-printed note with a portrait vignette of the Duque de Saldanha at left, a central architectural monument vignette, and the Portuguese Coat of Arms at bottom centre. Guilloche underprint fills the note field, with the plate designation Chapa 5 noted. The date and place of issue appear in the upper legend band.
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Reverse description Printed in blue with a large central pastoral vignette of a farmer guiding a wooden plow drawn by two oxen through a field, with a wooded hillside in the background. An oval allegorical bank arms vignette appears at right, framed by fine guilloche lathe-work borders, with a large watermark medallion reserve at left. The denomination is stated in a cartouche at lower right.
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Comments

Portugal's 1930s escudo series was printed by Thomas De La Rue throughout, but the distinction between printings matters here. By the fifth printing, the plates had accumulated enough wear that fine engraved lines in the more detailed areas show measurable softening — not always visible at arm's length, but detectable under magnification when compared against first and second print examples.

The Banco de Portugal began relying heavily on De La Rue during the Estado Novo consolidation period, when domestic printing infrastructure was not considered adequate for fiduciary-quality intaglio work. P#146 across its printings spans the early Salazar years, when monetary stability was a deliberate political signal rather than an organic economic outcome.

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