1 Centavo Oliveira Do Hospital

Oliveira do Hospital is a small inland town in the Coimbra district of central Portugal, and like hundreds of other municipalities, it issued its own cédulas — emergency paper fractional currency — during the severe coin shortage that gripped Portugal from roughly 1917 onward. The national government's inability to keep small-denomination metallic coinage in circulation forced local chambers, pharmacies, commercial associations, and even individual merchants to fill the gap with locally printed notes.

Municipal cédulas of this type were technically illegal tender beyond their issuing locality. Most were printed in very small runs and redeemed quickly once conditions normalized, which is precisely why surviving examples are disproportionately scarce relative to their humble face value.