This listing is for the photographed 1904 Banco de Portugal 500 Reis Banknote. Issued on December 27th, 1904. This issue has "Republica" overprinted across the coat of arms at the upper center of the obverse of this note, differentiating it from other issues. Reverse of this note depicts a womans head wearing a helmet with an olive branch. The watermark of this note is a bust of Mercury. Great piece of history and an excellent addition to any collection. P#105a (Pick Number 105a).
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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1904 Bank of Portugal 500 Reis Bank Note - Overprint "Republica" Issue - 1904 Portuguese Five Hundred (Quinhentos) Reis Note - P#105a