Portugal’s first paper money was issued by the monarchy in 1797, during a time of great hardship when the country was caught up in the war between France and Spain. Napoleon invaded in 1807 and the capital was moved to Brazil, then a Portuguese colony, until 1821. In the 1820s, the War of the Two Brothers necessitated the reissue of some of these notes with the red starburst stamp of either Pedro IV or Miguel I. These early notes can still be found at reasonable prices and despite their often well-worn condition offer a fascinating insight into early paper money usage. They were intricately engraved and set the standard for the notes that followed (Figure 1).
The Banco de Portugal was
