1 Centavo Estremoz

Estremoz is one of several Portuguese municipalities that issued its own small-denomination cédulas during the acute coin shortage that gripped Portugal in the late 1910s. The Câmara Municipal — the local town council — had no banking infrastructure behind it, only civic authority and a pressing need for small change. These emergency municipal notes were tolerated rather than formally sanctioned by Lisbon, which is part of why documentary records for individual issues are sparse and survival rates are uneven.

The MA#856 reference places this within Gonçalves's catalog of Portuguese local issues, a series notoriously difficult to date precisely at the individual municipality level.