Collection - Coins and Notes - Diário de Notícias #57 20 Escudos

Pick 116 belongs to a Banco de Portugal series that ran through the mid-1920s, a period when Portugal's public finances were in near-constant crisis following the costs of participation in the First World War and a succession of unstable republican governments. The escudo itself had only replaced the real in 1911, and chronic inflation meant that a 20 escudo note still carried meaningful purchasing power in 1925 — but not for long.

The "Diário de Notícias #57" designation indicates this is a collector reissue produced in association with the Lisbon newspaper, part of a numbered series distributed with print runs of the paper — not a circulated specimen from 1925.