1 Centavo Leiria

Associação Comercial de Leiria was one of dozens of Portuguese commercial associations that stepped in to produce emergency cédulas during the acute small-change shortage of 1917–1920, when wartime metal demands stripped circulation of copper and bronze coin. These local chamber-issued notes were technically private instruments, redeemable against the association's own funds rather than the state — a legally ambiguous arrangement the government tolerated out of necessity.

Leiria's commercial community was modest in scale, and cédulas from smaller provincial issuers like this one typically circulated briefly and intensely before wearing to destruction. The survival rate for issued examples in any condition is correspondingly low.