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| 正面描述 | Plain cream paper note of simple typographic design, with a central rectangular border enclosing the text fields. The denomination 'UM CENTAVO' is set in large letterpress type at the centre, below the heading 'CEDULA MUNICIPAL' and a serial number field prefixed 'S.A. N.º'. The issuing authority 'Municipio de SERPA' is printed in the lower portion of the vignette area, while the value '1 Centavo' repeats along all four margins, with the bottom marginal inscription inverted. |
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| 背面描述 | The reverse is unprinted, showing plain cream paper with the ghost show-through of the obverse letterpress impression visible in mirror image through the thin stock, confirming the single-sided typographic production of this emergency municipal cédula. |
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Municipal emergency notes from interior Portugal are among the least-documented issues in Iberian notaphily. Serpa, a small town in the Baixo Alentejo, issued its own fractional cédulas during the acute coin shortage that gripped Portugal from roughly 1917 onward — a shortage so severe that municipalities, commercial houses, and even charitable institutions were legally permitted to produce their own temporary paper substitutes for bronze coinage.
The MA# reference places this within the Marques de Almeida cédulas catalogue, the primary authority for Portuguese local issues. Documentation on surviving quantities is thin.