Colecção - Moedas e Notas - Diário de Notícias #26 20 Centavos

Portugal's small-denomination cédulas of the early 1920s exist because the country had nearly run out of coin. A severe shortage of bronze and nickel coinage — aggravated by wartime metal requisitions and postwar hoarding — forced the Ministério das Finanças to authorize paper replacements for fractional values that no one seriously expected paper to cover. The 20 Centavos was among the most heavily circulated of these, passed hand to hand in daily retail transactions until the notes simply wore out.

Waterlow & Sons produced the series in London. Surviving examples in any condition above heavily worn are genuinely uncommon.