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500 Réis 1st. print

Issuer Banco de Portugal
Year 1891
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Composition Paper
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Obverse description Lilac intaglio print on a tan guilloche underprint, with an ornate geometric border framing the entire face. The Portuguese crowned coat of arms appears as a central vignette flanked by the denomination numeral '500' in large figures to the left and right, with the legend 'QUINHENTOS RÉIS' in bold letterpress across the center. The date 'Lisboa 1 de Julho de 1891', series designation, and two manuscript signatures of bank officials appear in the lower portion of the note.
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Reverse lettering BANCO DE PORTUGAL 500 QUINHENTOS RÉIS
(Translation: Bank of Portugal 500 Five Hundred Reis)
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Comments

The 500 Réis of 1891 arrived during one of Portugal's most acute financial crises — the country had effectively defaulted on its foreign debt that same year, a collapse triggered by overleveraged railway speculation and a catastrophic drop in Brazilian remittances. Banco de Portugal was under severe pressure to expand note circulation precisely when public confidence in paper was at its lowest.

The "1st. print" designation matters here because subsequent printings show measurable differences in ink density and plate wear. First-print examples are the reference point for authentication against later states.

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