50 Escudos 5th. print

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.