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| 正面铭文 | REPÚBLICA PORTUGUESA MINISTÉRIO DAS FINANÇAS CASA DA MOEDA Lei Nº 1387 de 4 de Agosto de 1922 DECRETO Nº 10387 de 11 de Abril de 1925 VINTE CENTAVOS 20 O Secretário Geral do Ministério Pela Administração da Casa da Moeda |
| 背面描述 | Central vignette of a neoclassical building façade framed within an arched guilloche border, flanked by ornate pillar cartouches bearing the numeral 20 on each side. Initials R and P appear at upper left and right respectively. Denomination panel at bottom centre in bold letterpress. |
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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.