500 Escudos 11th. print

P#177 runs through eleven print iterations, a production span that itself tells you something about Portuguese monetary conditions during the 1970s — inflation was severe enough that the 500 escudo denomination stayed in heavy demand across the decade. The 11th print is among the later pressings from Enschedé's Haarlem plant, by which point the plates had seen considerable use.

Enschedé had held longstanding contracts with Banco de Portugal, and the relationship predates this series by decades. Worth noting for specialists: distinguishing print iterations on P#177 requires close attention to serial prefix blocks rather than any visible design change.