2,50 escudos 1925
Market Prices
9 salesAbout This Note
This VF-grade Portuguese 2.50 Escudos note from 1925 showcases exceptional engraving work typical of early 20th-century Banco de Portugal issues. The note features a striking portrait of Mousinho da Silveira in an ornate oval frame on the obverse, with the reverse displaying the Portuguese coat of arms surrounded by laurel wreaths. Despite visible foxing and age patina consistent with a circulation-worn note from its era, the crisp blue and orange color palette remains well-preserved, making this an attractive example of interwar Portuguese currency.
Common. The eBay market data demonstrates robust trading activity with multiple sales ranging from $18 to $321 depending on condition, with VF specimens consistently selling in the $60-$310 range. The 2016 catalogue value for VF ($125) aligns with observed auction results. The relatively recent print run (1922-1926 series) and lack of any indication of low mintage or recalls suggest this is a standard circulation-era issue with adequate surviving specimens. The note's commonality is further supported by its regular appearance in the secondary market.
Issued on November 18, 1925, during the early years of the Portuguese First Republic (established 1910), this banknote commemorates Mousinho da Silveira, a prominent 19th-century Portuguese statesman and military figure who championed liberal reforms. The heraldic coat of arms on the reverse symbolizes the young Portuguese state's assertion of sovereignty during a period of significant political transition and economic restructuring in the 1920s.
The obverse features a left-facing portrait of Mousinho da Silveira (1780-1849), rendered in fine detail within an ornate oval frame. The bearded statesman is depicted in formal 19th-century attire with a high collar, characteristic of his era. The design is framed by an elaborate border of scrollwork and floral motifs in dark blue and cream, with the denomination displayed in decorative orange cartouches on both left and right sides. A central fleur-de-lis adorns the top. The reverse presents the Portuguese national coat of arms—a shield containing the heraldic symbols of Portugal—as the primary focal point, flanked by symmetrical laurel wreaths signifying honor and achievement. The entire design emphasizes classical Portuguese heraldic tradition with ornamental borders matching the obverse.
FRONT: 'BANCO DE PORTUGAL' (Bank of Portugal); 'LISBOA' (Lisbon); '18 DE NOVEMBRO DE 1925' (November 18, 1925); '2$50' (2 Escudos 50 Centavos); 'O GOVERNADOR' (The Governor); 'O DIRECTOR' (The Director); 'PRATA' (Silver); 'Ch.2' (Plate 2); Serial number '10699'; signature area with official designations. BACK: 'BANCO DE PORTUGAL' (Bank of Portugal); '2$50' (2 Escudos 50 Centavos); 'DOIS ESCUDOS E CINCOENTA CENTAVOS' (Two Escudos and Fifty Centavos).
Engraved intaglio printing with multiple color application. The note exhibits the fine line work, micro-engraving patterns, and intricate geometric designs characteristic of early 20th-century security printing. Printer: W&S (Waterlow & Sons), a leading London-based security printer, though this example bears no imprinter designation. The watermark consists of repeated 'BANCO DE PORTUGAL' text throughout the paper. Plate designation 'Ch.2' (Chapa 2) indicates this is from the second printing plate used for this denomination.
This example represents the standard P-127 variety issued on November 18, 1925. The note displays 'Ch.2' (Plate 2) designation, indicating it was printed from the second engraved plate. Serial number format '2 JX 10699' is consistent with the standard issue series. PMG records identify two variants for this Pick number (P-127 and P-127cts), likely referring to different signature combinations or printing dates within the 1922-1926 issuance period. The specific date of November 18, 1925 matches one of three documented printing dates for this denomination (1922, 18.11.1925, 18.11.1926), making this the middle issuance within the series.
