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| 正面铭文 | BANCO DE PORTUGAL 500 QUINHENTOS RÉIS PRATA Lisboa 1 de Julho de 1891 O DIRECTOR PELO GOVERNADOR (Translation: Bank of Portugal Five Hundred Reis Silver Lisbon, July 1, 1891 The Director For the Governor) |
| 背面描述 | Lilac intaglio print on a tan guilloche underprint, with a decorative floral and scrollwork border in dark blue enclosing the entire reverse. A large central oval guilloche medallion carries the Portuguese crowned coat of arms at its heart, flanked symmetrically by the numeral '500' in bold figures. The issuer name 'BANCO DE PORTUGAL' arches across the top and the denomination 'QUINHENTOS RÉIS' is set in large letterpress along the lower margin. |
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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.