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| 正面铭文 | CAMARA MUNICIPAL DE OLIVEIRA DE AZEMEIS 1 (Translation: Oliveira de Azemeis City Council) |
| 背面描述 | Gray underprint with a large arched guilloche frame enclosing a central circle bearing the denomination numeral "1" above the text "CENTAVO". The issuer's name curves along the upper arch. A handwritten authorization signature in blue ink and a red serial number with asterisk are applied over the printed design. |
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Oliveira de Azeméis is a small industrial town in the Aveiro district of northwestern Portugal, and this cédula — a municipal emergency note — was issued by its câmara municipal during the acute small-change shortage that plagued Portugal in the years surrounding the First World War. The central government's inability to keep low-denomination coinage in circulation forced hundreds of municipalities, charitable organizations, and commercial houses to issue their own fractional paper, most of it locally printed and of wildly varying quality.
At 1 centavo, this is about as low as municipal fiduciary issues go. The MA#1628 reference places it within the Numismática Afonso catalog of Portuguese notgeld-type emissions, a body of material still underresearched relative to its German counterparts.