Colecção - Moedas e Notas - Diário de Notícias #9 - 100 reis

The 100 réis note of 1891 belongs to a curious episode in Portuguese monetary history: an acute financial crisis that year — triggered by a sovereign debt default and bank runs — forced the government to authorize emergency paper money in denominations so small they had no real precedent in Portuguese note-issuing practice. The Casa da Moeda, better known as the national mint, stepped into the role of printer and issuer simultaneously, an unusual concentration that reflected the speed and desperation of the response.

At 100 réis, this was essentially fractional currency — the kind of note that circulates hard and survives poorly.