1 Centavo Santarem

Municipal chambers across Portugal issued their own fractional emergency notes during the severe coin shortages of the early 1920s, and Santarém was no exception. These cédulas were authorized locally, not by Lisbon, which means production quality and stamp practices varied considerably from run to run — MA#1971d represents one variant within what is actually a fairly involved series of Santarém emissions.

The official stamp was the primary authentication mechanism, applied by hand after printing. Notes where the stamp is faint, off-center, or partially missing were routinely refused in local commerce, and those rejections are part of why so many survive in unspent condition.