1978 Bank of Portugal 20 Escudos Note - 9th Printing Issue - Coutinho Type - 1978 Portuguese Twenty (Vinte) Escudos Banknote - P#176b

This listing is for the photographed 1978 Banco de Portugal 20 Escudos Banknote. Issued on October 4th, 1978, in Lisbon, Portugal. This note was the ninth (9th) printing issue of this series of Portuguese Escudos notes. The obverse of this note depicts a portrait of Admiral Gago Coutinho on the right end. The reverse shows a depiction of the Lisbon-Rio de Janeiro flight with a hydroplane at the center and the Belem Tower in the background. Choice of grade/condition. Great piece of history and an excellent addition to any collection. P#176b (Pick Number 176b).

The Banco de Portugal is the central bank of Portugal, founded on November 19, 1846. Its creation came as a merger between two older institutions: the Banco de Lisboa and the Companhia Confiança Nacional. Initially, it functioned as a private commercial bank with the authority to issue banknotes and manage Portugal’s currency system. By the mid-19th century, Portugal was struggling with financial instability, which led to a lack of confidence in multiple currency issuers. In response, the state sought to centralize control of the money supply. In 1887, the government granted the Banco de Portugal the exclusive right to issue banknotes across the entire country. In 1911 the national currency switched from the Reis to the Escudo, changing the banknotes in the process. The early history of the Bank of Portugal is extremely interesting and provides great insight into the nation's economic history!

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1978 Bank of Portugal 20 Escudos Note - 9th Printing Issue - Coutinho Type - 1978 Portuguese Twenty (Vinte) Escudos Banknote - P#176b