Portugal 1917 - Banco de Portugal 50 Mil Réis Specimen (Pick 110s)
The 50 Mil Réis embodied the young Republic’s drive to project prestige after the fall of the monarchy. Its monumental allegory-Commerce and Industry flanking the national arms-was conceived as wartime inflation eroded confidence in paper currency. Surviving specimens are exceedingly rare; the PMG census records only two graded examples of Pick 110s worldwide. Read more →