20 escudos 1948

Common. This note is a regular issue produced across a 18-year period (1941-1959) with substantial circulation throughout Portugal's post-war economy. Market evidence from eBay sales history confirms common status: VF examples consistently sell for $6-$22, with numerous transactions across multiple decades demonstrating steady, affordable market availability. The 2016 catalog values ($8-$30 depending on grade) further confirm this is an accessible note for collectors. Even uncirculated examples have sold for under $160, indicating no significant scarcity premium.

Issued on July 27, 1948, this note belongs to a series printed by Banco de Portugal during a transitional period in Portuguese history, following World War II and preceding the Estado Novo's consolidation. The portrait of D. António Luiz de Menezes, a prominent historical Portuguese figure, reflects the nation's emphasis on classical heritage and institutional continuity. The classical allegorical female figure on the reverse, rendered in the refined style of the period, embodies the artistic and economic ideals that Portuguese authorities wished to project through their currency.

The obverse features a classical female profile portrait on the left within an ornamental circular frame (the watermark area), paired with a detailed engraved portrait of D. António Luiz de Menezes on the right, rendered in dark purple/maroon with period dress. The design is framed by ornate laurel wreaths and scrollwork borders in green, with a pink/rose background providing striking color contrast. The center contains a classical allegorical figure (likely representing commerce, prosperity, or a similar virtue) within decorative vignettes. The reverse presents a symmetrical design dominated by a classical allegorical female figure in flowing robes, centered within an ornate oval frame with a radiating sunburst pattern, surrounded by elaborate guilloche patterns and decorative corner ornaments in green on a cream/beige field, with denomination numerals and text positioned in all corners.

Front side: 'BANCO DE PORTUGAL' (Bank of Portugal); 'VINTE ESCUDOS' (Twenty Escudos); 'OURO' (Gold); 'LISBOA' (Lisbon); '27 DE JULHO DE 1948' (27th of July 1948); 'CH.6' (Series/Chapa designation); 'O VICE-GOVERNADOR' (The Vice-Governor); 'O ADMINISTRADOR' (The Administrator); Serial number 'KFT 09198' (appears twice); '20' (denomination markers in corners). Back side: 'VINTE' (Twenty); 'ESCUDOS' (Escudos); '20' (denomination values in all four corners).

Intaglio/line engraving (gravure), characteristic of high-quality currency production of the period. The note was printed by BWC (likely Banknote World Corporation or similar security printer). Multiple color printing was employed to achieve the pink/rose, green, purple, and cream color palette. The sophisticated guilloche patterns, fine line work throughout, and watermark security feature indicate professional currency-grade production standards. Complex engraving plates were used to create the intricate portrait details and ornamental borders.

This specimen is identified as Pick P-153a based on the BWC printer designation and series characteristics. The visual analysis confirms 'Chapa 6' (series/plate 6) designation, and the signature titles 'O VICE-GOVERNADOR' and 'O ADMINISTRADOR' are visible. The serial number format 'KFT 09198' is consistent with cataloged examples. The note belongs to the 1948 dated issue within the broader 1941-1959 series. Three catalog variants exist (P-153a, P-153b, P-153cts), all printed by BWC; this example aligns with the standard P-153a variant based on design and printer characteristics.