Collection - Coins and Notes - Diário de Notícias #49 20 Escudos

Pick 119 belongs to a short-lived transitional series issued by Banco de Portugal in the immediate aftermath of the First World War, when Portugal's public finances were under severe strain — the country had entered the war in 1916 partly to protect its African colonies from British and German partition, and the fiscal cost was still being absorbed. The 20 Escudos denomination itself was relatively new, the escudo having replaced the mil-réis only in 1911 at a ratio of one escudo to 1,000 réis.

The "Diário de Notícias #49" designation indicates this is a collector reissue bundled with the Portuguese newspaper's numismatic series, not a raw market example.